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Thursday, October 15, 2015

Syngenta sales fall 12 percent on Brazil weakness, (NYSE: SYT)

Third-quarter sales at Swiss agricultural chemicals group Syngenta AG fell a worse-than-expected 12 percent to $2.62 billion as the weak real in Brazil, its second-largest market, eroded the value of overseas sales.Analysts polled by Reuters had on average expected sales to fall 5.3 percent to $2.82 billion. "In the third quarter, Latin America has been further affected by currency volatility in Brazil and by tight credit conditions," Chief Executive Mike Mack said in a statement.The company, which fended off a takeover approach from U.S. seeds rival Monsanto, said earnings before interest, tax, depreciation and amortisation (EBITDA) would show a double-digit increase at constant exchange rates in 2015 but suffer a mid-single digit percentage decline including currency effects.

Syngenta AG (Syngenta) is an agribusiness operating in the crop protection, seeds and lawn and garden markets. Shares of SYT traded higher by 0.46% or $0.29/share to $62.93. In the past year, the shares have traded as low as $58.72 and as high as $98.15. On average, 453602 shares of SYT exchange hands on a given day and today's volume is recorded at 495678.