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Novozymes lowers yearly outlook despite profit rise

Xinhua, October 23, 2015 Adjust font size:

Novozymes, the world's largest producer of industrial enzymes, posted a 15-percent rise in operating profit for the first nine months of 2015 on Thursday, but downgraded its full year expectations.

Earnings before interest and tax (EBIT) for the first nine months of the year stood at 2.922 billion Danish kroner (440 million U.S. dollars), up 15 percent from 2.541 billion kroner a year ago, the company said in its third quarter (Q3) financial report.

Sales in Q3 grew 11 percent to total 3.522 billion kroner, while overall sales for the first nine months of 2015 was 10.550 billion kroner, up 14 percent year-on-year.

Novozymes said the performance of "record earnings on a relatively low topline growth" was in line with expectations.

The company explained that the uncertainty and volatility of the first half of 2015 persisted into the third quarter, but added "the business environment is not believed to have deteriorated in the third quarter."

As such, Novozymes said it expected its sales measured in Danish kroner to grow 12 to 13 percent against previously forecast 13 to 16 percent.

The expectation for EBIT growth was adjusted to approximately 15 percent and net profit growth to about 12 percent, as against its earlier forecasts of 15 to 17 percent and 11 to 13 percent respectively.

Novozymes said it would continue to focus its efforts on improving sales growth across the business and especially within household care and bioenergy. Endit