Givaudan's Profit Takes Hit from Swiss Franc and One-Off Costs

Givaudan's first-half profit took a hit due to strong Swiss franc headwinds and one-off costs.

The Geneva-based fragrance and flavor group reported lower-than-expected net profit for the January-to-June period, with CHF 103 million in non-recurring costs dragging down earnings by 19.8% to 475 million francs.

Revenue fell 1.7% from the same period last year to nearly CHF 3.8 billion, as the persistent strength of the Swiss franc offset underlying business momentum.

Excluding currency effects and acquisitions, sales rose 3.6%, according to Givaudan's half-year results statement.