In Denmark, Novozymes posted first-quarter earnings slightly above forecasts but sales through its BioAg alliance with U.S. seeds company Monsanto Co were hit by Indian tariffs, according to Reuters. Novozymes posted operating profit (EBIT) of 1.016 billion Danish crowns ($166.43 million), in line with the same quarter last year, but slightly above the 990 million crowns expected by analysts polled by Reuters. Higher Indian import tariffs on peas and other pulses had had a bigger impact on BioAg sales than expected, according to Reuters. Shares in Novozymes fell 4.2 percent after the earnings report, lagging the overall Danish market.
Novozymes new chief financial officer Prisca Havranek-Kosicek told Reuters, “Canada is a big exporter to India for these products, and the Indian government last year has put in tariffs that has then basically reduced the acreage that is planted in Canada for those crops. We are in that business, that means we have an impact.”