Danish industrial enzymes producer Novozymes reported a rise in operating profits for the first half roughly matching forecasts, driven by strong sales of enzymes for detergents, and raised full-year earnings guidance.
Earnings before interest and tax (EBIT) rose to DKK 1.35 billion ($222.76 million) in the first six months of the year from DKK1.21 billion in the first half last year. This was more than analysts had expected.
"Sales to some of the industries we serve, such as Household Care, are doing great," Chief Executive Steen Riisgaard said in a statement. "However, for other industries we serve - especially the US biofuel industry - 2012 will be a more challenging year than previously expected."
Bioenergy enzymes show a small decline, but in all other product groups sales increased in the first half of 2012 compared to the same period last year.
The full report can be viewed at the Novozymes website