Syngenta, the Swiss-based seed and agro-chemical company, has reported an operating profit of $1.6bn (€1.4bn) for the first half of 2015, a 9% decrease compared with the same period last year. Revenue for the six months stood at $7.6bn (€7bn), a 10% decline year-on-year in real terms, but an increase of 3% on a constant currency basis.

Operating margins remained in line at just over 20% while earnings (EBITDA) for the period were back 5% in real terms at $2bn (€1.8bn) but actually increased by 21% at constant exchange rates.

Syngenta chief executive Mike Mack said the business faced significant challenges in 2015 as a result of the continuing softness in crop prices and low farm incomes.

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“Despite these challenges, and our decision to reduce sales of glyphosate, we achieved sales growth at constant exchange rates of three percent in the first half,” said Mack. “We have been able to largely offset currency depreciation in emerging markets through determined price increases and our hedging program, which has mitigated the impact of currencies on EBITDA.”

During the first six months of the year, Syngenta was approached by its US rival Monsanto with two separate takeover offers. Both offers valued Syngenta at more than €40bn, although the second proposal offered an added $2bn break-up fee should the proposed merger fall through due to any regulatory issues.

Syngenta rejected both offers outright saying the offer “fundamentally” undervalued the business at a time when its valuation is currently under pressure from weak crop prices and currency headwinds, with emerging markets accounting for over 50% of sales.