Sumary of Givaudan reports first-half profit decline despite fragrance recovery:
- At 08:17 GMT, the shares were down 1.60% to 3,281.50 Swiss francs, while the SMI, the main Swiss stock index, was down 0.08% despite figures that Jean-Philippe Bertschy, an analyst at Vontobel , called robust.
- However, the company’s profit fell short of expectations, which were 472 million Swiss francs.
- The Fragrances and Beauty Ingredients division posted a sales increase of 4.7%, excluding currency and acquisition effects, thanks to strong volume growth in fine fragrances, a segment hit hard by the closure of stores and duty-free shops at airports in beginning of the pandemic.
- The performance should be seen in the context of current supply chain tensions and significant headwinds in China, the analyst said.