Syngenta CFO says corn cultivation may grow slower than expected |
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Wed, 02 May 2007 10:01
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ZURICH (Thomson Financial) - Growth in US corn acreage may fall short of US Department of Agriculture forecasts, Syngenta chief financial officer Domenico Scala said following the release of consensus-beating first quarter sales.While at the same time reduction of soya bean acreage may be slower than forecast by the department, Scala added.The US Department of Agriculture had forecasts a 15 pct growth of corn acreage and 11 pct reduction of soya acreage in 2007.Scala also said that the Swiss agricultural chemical group remains confident for corn in the mid- and long-term, given an increasing crop demand for Bioethanol production.Earlier, Syngenta reported a first-quarter sales growth of 9 pct to 2.96 bln usd on improved sales in all product lines, and 25 pct sales growth for new products.The Swiss agricultural chemical group's results came in at the top of the range of analyst expectations of 2.86-2.96 bln usd, or 2.92 bln on average, with Syngenta also confirming its outlook for double digit growth in earnings per share for 2007.Sales in the group's key crop protection segment rose 9 pct to 2.04 bln, while sales in the seed segment was up 11 pct at 949 mln usd.johanna.treeck@thomson.comjmt/bsdCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Syngenta sees long-term growth potential in Asia, well positioned in US - CFO 