HOLZMINDEN (dpa-AFX) - German specialty chemicals maker Symrise AG (SY1.DE) on Wednesday reported lower earnings for the first half of the year. However, revenue increased by 6.8 percent.
Half yearly earnings decreased by 41 million euros to 188 million euros or 1.34 euros per share from 229 million euros or 1.64 euros per share for the same period last year.
The company said, 'The main reasons for this are the one-time effects of EUR 29 million in the Scent & Care segment and the previous year's income of EUR 18 million from the divestment of the Velcorin business.'
EBITDA dropped to 446 million euros from 486 million of the previous year bringing down the EBITDA margin from to 18.5 percent from 21.5 percent.
Adjusted EBITDA was 475 million euros for the half year.
Revenue, however grew to 2.414 billion euros from 2.260 billion euros. It increased organically by 8 percent.
Looking ahead to the full year, the company is targeting a normal EBITDA margin of around 20 percent and an organic sales growth between 5 and 7 percent. The company also expects to increase its sales to 5.5 to 6 billion euros by 2025, with a profitability margin in the corridor of 20 to 23 percent in the midterm.
On Tuesday, shares of Symrise closed at 97.50 euros down 1.89% on the Xetra stock exchange.
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