Syngenta profit death-crossed by US-China trade war, bad weather



by   |  VIEW 1289

Syngenta profit death-crossed by US-China trade war, bad weather

On Friday, the 19th of July 2019, the nineteen-year-old multinational agrochemical and seeds producer, Syngenta, headquartered in Basel, had reported a 34 percent slump in its net income during the first-half of the year, pointing towards a contemptuous impact of a year-long Sino-US trade spat and a border dispute with Mexico, as the company had been bracing for further malignant threat yielded of bad weathers in Central America what was contemplated as one of the worst spring storms in US history.

In point of fact, Basel-based agricultural chemical maker, Syngenta was taken over by Chinese state-owned chemical company ChemChina at a $43 billion deal in 2017, which in effect had given birth to a gush of withering waves on the group’s chemical sales amid a tariff warfare with United States.

According to the Switzerland-based agriculture company’s quarterly earnings’ report revealed on Friday (July 19th), sales of Syngenta fell more than 7 percent o $6.8 billion during the first-half of the year, while the China-owned swiss company’s net income was nosedived to 34 percent to $798 million on a year-on-year basis, while analysts alongside officials of Syngenta had been blaming bad weather and geo-political hobbles behind this catastrophic outcome.

In point of fact, multiple analysts had been quoted saying following Syngenta’s quarterly earnings’ report that the company’s first-half growth was languished lavishly by heavy flooding in United Sates, geo-political turmoil alongside a drought in Australia.