BERLIN — Second-quarter earnings were impacted at Symrise due to restructuring expenses and high material costs. Sales, meanwhile, remained stable.
Net income for the German flavors and fragrances producer fell 44 percent in the period to 20.1 million euros, or $27.3 million. Total revenues were flat at 338.5 million euros, or $461 million.
All dollar figures are converted from the euro at the average exchange rate for the period.
Symrise’s scent and care division reported a 40.3 percent drop in earnings before interest and taxes to 13.5 million euros, or $18.4 million. Sales held steady at 163.8 million euros, or $223.1 million.
Symrise said the ongoing economic slump and the resulting destocking were particularly noticeable in the fine fragrance luxury segment and, to some extent, in personal care. In the first six months of the year, the division increased sales in North and South America plus in the Asia-Pacific region.
Symrise confirmed its full-years sales goal to outperform the fragrance and flavors market, which it expects will retract somewhat given the current economic climate. The company also aims to generate strong cash flow in 2009.
