BERLIN — Citing the global economic recovery, German flavor and fragrances producer Symrise more than doubled its net income in the second quarter as sales grew 20.1 percent.
Group sales totaled 406.5 million euros, or $518.7 million, in the second quarter. Net income hit 48.4 million euros, or $61.8 million, while earnings before interest and taxes rose 83 percent to 71.2 million euros, or $90.9 million. All dollar figures are converted at average exchange rates for the period.
The Scent & Care division, which generates more than half of group sales, saw sales rise 26.4 percent in the quarter to 207.1 million euros, or $264.3 million. EBITDA, adjusted for restructuring costs, for the division rose 52.1 percent to 44.4 million euros, or $56.7 million. Symrise said the global economic recovery was particularly evident in the areas of fine fragrances and personal care.
Sales to the company’s top 10 customers rose 15 percent in local currency in the first half of 2010, and all geographic regions posted double-digit growth in the six-month period.
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Based on the strong first-half performance, Symrise has upgraded its full-year guidance. The group is projecting sales growth in local currency terms of at least 8 percent and an EBITDA margin of more than 20 percent, assuming raw-material prices remain at last year’s levels.