KUALA LUMPUR, Aug 2 (Bernama) -- Ingredion Incorporated, a global ingredient solutions provider to diversified industries, has reported its results for the second quarter 2019.
Second quarter and year-to-date net sales were down from the year-ago period, driven by unfavourable foreign currency impacts and planned Stockton HFCS as well as industrial starch volume shed.
At June 30, total debt and cash and short-term investments were US$2.1 billion and US$301 million, respectively, versus US$2.1 billion and US$334 million, respectively, at December 31, 2018. (US$1=RM4.15)
The decrease was primarily due to the timing of changes in working capital and recent acquisitions and investments.
Meanwhile, net financing costs were US$16 million, making US$9 million lower in the second quarter from the year-ago period which resulted from foreign exchange gains lapping losses.
Reported and adjusted effective tax rates for the quarter were each 29.6 per cent compared to 31.4 per cent and 30.5 per cent, respectively, from the year-ago period.
The decrease resulted from the relative lower valuation of the Mexican peso impacting the US dollar denominated balances in Mexico. This was partially offset by a change in earnings mix and other factors.
The company recorded US$156 million for capital expenditures, down US$4 million from the year-ago period.
More details on the results at https://www.ingredionincorporated.com
-- BERNAMA
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