Symrise Net Rises 6% in Q3

The fragrance and flavors supplier’s nine-month profits grew 7.2 percent.

BERLIN Symrise AG posted third-quarter net profits of 42.4 million euros, or $53.1 million, up 6 percent versus the same prior-year period.

Revenues for the Holzminden, Germany-based maker of fragrances and flavors increased 14 percent to 448 million euros, or $560.5 million, for the three months ended Sept. 30. On a local-currency basis, sales rose 9 percent.

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Dollar figures are converted from euros at average exchange rates for the period to which they refer.

For the first nine months of the year, Symrise net profits were up 7.2 percent to 125.9 million euros, or $161.4 million, while company sales grew 9 percent to 1.32 billion euros, or $1.69 billion. 

Emerging markets posted their best performance yet for Symrise, responsible for 48 percent of its sales in the nine months. Latin America registered a revenue uptick of 20 percent; North America had a revenue rise of 19 percent, and sales in the Asia-Pacific region gained 15 percent.

Revenues for the firm’s scent and care division increased 10 percent to 671 million euros, or $839.6 million. In local currencies, they were up 7 percent. The division’s growth was spearheaded by Symrise’s life essentials, oral care and fine fragrances activities. Again, Latin America led geographically, with a sales leap of 32 percent, and North American revenues rose by 9 percent, both in local currencies.

“For the remaining weeks of 2012, we continue to remain confident, although the sovereign debt crisis is having a growing impact on both the European and also the global economy. However, with our balanced portfolio of customer groups and products, as well as our regional presence, we are in an excellent position to make good progress even during economically weaker phases,” stated Heinz-Jürgen Bertram, chief executive officer of Symrise.

He also confirmed the company’s targets for 2012, which include sales growth of between 3 percent and 5 percent in local currency, and an EBITDA margin of around 20 percent.