Hurricane and raw material costs burden Symrise - but sales outlook raised
Hurricane Florence and high raw material costs have depressed profits at Symrise, a manufacturer of flavors and fragrances. In addition, the MDax Group is currently investing a lot of money in expanding production. Earnings before interest, taxes, depreciation and amortization (EBITDA) fell in the first nine months of 2018 by almost 2 percent to EUR 475.7 million, as the company announced in Holzminden on Wednesday.
Demand from the cosmetics and food industries, however, continues to drive sales growth. From January to the end of September, sales grew by 4.6 percent to 2.38 billion euros. Excluding the impact of the strong euro, growth would have been 8.8 percent. Symrise is now even more optimistic about the year as a whole and has once again raised its forecast for organic sales growth: An increase of more than 8 percent is now expected./mis/stk (dpa)
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