UPDATE 3-Syngenta sales fall 12 pct on Brazil weakness

jueves 15 de octubre de 2015 06:13 GYT
 

* Q3 sales $2.62 bln vs Reuters poll $2.82 bln, down 12 pct

* Weakness in Brazil's real erodes value of sales

* Syngenta expands GM corn trait deal with KWS, Limagrain (Adds shares, analyst comment, new CFO quote)

ZURICH/FRANKFURT, Oct 15 (Reuters) - Third-quarter sales at Swiss agricultural chemicals group Syngenta AG fell by more than expected as the weak currency in Brazil, its second-largest market, eroded the value of overseas business.

The company is under pressure to boost shareholder returns after fending off a $47 billion takeover approach from U.S. seeds rival Monsanto in August.

Sales fell 12 percent to $2.62 billion, whereas analysts polled by Reuters had on average expected only a 5 percent decline to $2.82 billion.

"Sharp depreciation of the (Brazilian) real in the quarter created major market disruptions. Because of its suddenness we were not immediately able to increase prices to compensate," finance chief John Ramsay told analysts in a conference call.

The company planned to push up prices in Latin America, he added.

Syngenta said its earnings before interest, tax, depreciation and amortisation (EBITDA) would fall by a figure of around 5 percent this year because of currency effects.   Continuación...