By  on August 4, 2009

PARIS — Givaudan’s net profits for the first half of 2009 gained 1.06 percent to 95 million Swiss francs, or $107.1 million at average exchange for the period.

The Swiss flavors and fragrances firm posted revenues of 2 billion Swiss francs, or $2.25 billion, down 4.7 percent versus the first half of 2008. In local currencies, sales decreased 0.9 percent.

Minus the impact of a divested business in Givaudan’s flavors division, total company revenues dipped 0.6 percent in local currencies.

The firm’s fragrance division registered sales of 899 million Swiss francs, or $1.01 billion, a 6.6 percent decline in the half. On a local currency basis, those revenues fell 2.3 percent. Fine fragrance and fragrance ingredients sales were hit by a reduction of inventories.

“Fine fragrance sales were additionally impacted by a contraction in the market at the retail level,” the company stated.

Givaudan’s consumer products division’s revenues increased in local currencies.

Total company business in Latin America posted double-digit gains, while sales in the Asia-Pacific region rose by single digits. In Europe, revenues declined at a midsingle-digit rate, while in North America, they fell by low single digits.

“In a continuing weak economy, it remains difficult to reliably forecast the market growth,” Givaudan continued. “However, with the exception of fine fragrances and, to a lesser extent, other discretionary product segments, the majority of consumer products and flavors are expected to remain resilient. For the full-year 2009, Givaudan is confident to outgrow the underlying market.”

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