The Syngenta Group recorded a 9% fall in combined revenues to $8.3 billion during the second quarter ended June 30 2023.This corresponds to a drop of 5% at constant exchange rates(CER).Earnings before interest,tax,depreciation and amortization(EBITDA)slid by 15% to around $1.4 billion(-12% at CER)With distributors and retailers reducing stocks built up to withstand prior year’s supply chain disruptions,sales reverted to customary seasonal phasing in crop protection,explains the business.”Sales were also impacted by increasing customer working capital costs in a higher interest rate environment,causing many channel partners and farmers to set lower target inventory levels,”says Syngenta.
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