Geneva - the Swiss agrochemicals company, on Friday attributed a 9-per-cent drop in profits for the first half of 2009 to unfavourable currency exchange rates

Compared to the same period in 2008, the company's net income fell from 1.51 billion dollars to 1.38 billion.

Sales reached 6.65 billion dollars, a 2-per-cent increase in currency-adjusted terms, but a 9-per-cent drop when converted into dollars, the Basel, Switzerland-based company said.

While sales were up when calculated in the currencies of the countries where the goods were sold, the trading rate of the dollar, the currency in which Syngenta ultimately does much of its business, was affecting the final figure.

Higher prices for its products somewhat offset lower volumes and higher raw material costs, but not enough to counter the currency swings.

Syngenta said its performance was impacted by both unfavourable weather conditions earlier this year, which affected farming, and the economic downturn, which led to more conservative spending by some clients, in part as the cost of food fell from record highs last year.

Sales of crop protection products and seeds make up some of the company's core business.

Earnings per share fell from 15.93 dollars to 14.78.

Chief executive officer Mike Mack said that "for the full year, achieving earnings growth has become more challenging" and the company would target 2008 levels, instead of growth.(dpa)