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Syngenta records low profits

BASEL, Jul 24 – Swiss agrochemicals group Syngenta reported lower-than-expected half-yearly net profits on Friday, down nine percent to 1.385 billion dollars (978 million euros) on the same period in 2008.

Analysts consulted by the financial agency AWP had expected, on average, profits of 1.5 billion dollars.

Sales over the same period also came in nine percent down at 6.655 billion dollars, the group reported.

Over the medium term however, Syngenta confirmed it was still on course to record earnings before interest, taxes, depreciation, and debt pay offs of 15 percent for the business in 2011.

Chief executive Mike Mack said: "We continue to make significant investments in order to secure the long term growth of our business," singling out research and development as a key commitment.

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