Givaudan’s Profits Rise, but Pro forma Sales Fall

Givaudan reported first-half net income up 13%, to SF94 million ($89 million), on pro forma sales down 7%, to SF2.1 billion. Operating profit rose 28%, to SF238. Pro forma profit margins rose despite rising raw material, energy, and transportation costs, Givaudan says. Second-quarter sales and profits were not reported. Pro forma fragrance division sales fell 7%, to SF962 million. Revenues from the fine fragrances business declined because of “heavy de-stocking” in the early part of the year, Givaudan says. The consumer products division reported a “solid...

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