ISRAEL: Acquisitions, global recovery buoy Frutarom in Q1
By: Dean Best | 24 May 2011
Recent acquisitions and a recovering global economy have boosted first-quarter sales and profits at Frutarom, the food ingredients maker.
The company said today (24 May) that it had generated record first-quarter net profit during the first three months of 2011 on the back of a 6.7% increase in sales.
Revenue in the three months to the end of March reached US$121m due in part to the contribution of Rieber & Son's spice arm and UK ingredients maker EAFI, which were both acquired in the first quarter of the year.
Frutarom also cited the "recovering global economy and the resulting restocking trend" and the strength of European currencies and the Israeli shekel against the US dollar, the company's reporting currency.
Operating profit reached "approximately" $16.6m, which was "similar" to last year's first quarter, Frutarom said. Net profit grew 18.2% to $13.1m.
Sectors: Commodities & ingredients, Financials
Companies: Frutarom, Rieber & Son
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