Givaudan reports first-half profit decline despite fragrance recovery

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.

Want to know more click here go to news source.