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Symrise Net Profit Grows 13.1% in Q2

The maker of fragrances and flavors registered strong growth in Latin America in the quarter.

BERLIN — Net income at Symrise rose 13.1 percent in the second quarter to 41 million euros, or $52.7 million.

Sales for the Holzminden, Germany-based maker of fragrances and flavors were up 11 percent to 438.9 million euros, or $564 million, in the three months ended June 30.

The company restated its goal of increasing sales by 3 percent to 5 percent in local currency terms for the fiscal year as a whole.  

Latin America was the powerhouse market for scent and care this quarter, registering a 29 percent rise in sales in local currency terms. North America also performed well, with sales up 9 percent. Asia-Pacific was up 7 percent, but in Africa’s emerging markets, sales fell by 4 percent.

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In the first half of 2012, net profits increased 8 percent to 83.5 million euros, or $108.4 million, while sales totaled 871.6 million euros, or $1.13 billion, up 7.4 percent. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 7 percent to 174 million euros, or $225.8 million, and the company met its EBITDA margin target of 20 percent in the half-year period.

From January to June, Symrise’s scent and care division, responsible for more than half of group sales, turned in revenues of 444.4 million euros, or $576.7 million, a rise of 8.5 percent. In local currencies, sales were up 5.5 percent. Strong divisional performers were oral care, fragrances and life essentials. EBITDA for the division rose 5 percent to 81 million euros, or $105.1 million, and the EBITDA margin was 18.2 percent.

All dollar figures are calculated at average exchange for the period to which they refer.