ISRAEL: Frutarom doubles Q1 profits
Israeli ingredients group Frutarom doubled its profits in the first quarter of 2010, boosted by boosted by an increase in sales and cost-cutting measures.
For the three-month period, net profit amounted to US$11.1m compared to $5.6m a year earlier.
The firm’s revenues also increased, climbing 15.5% to reach $113.5m. The rise was mainly due to organic growth in Frutarom’s core activities of flavours and speciality fine ingredients.
The merger of the three acquisitions implemented in the first half of 2009 and foreign exchange also contributed to the increase in sales.
Operating profit increased by 61.9% to reach $16.6m, while EBITDA increased by 47.3% to $21.3m.
Ori Yehudai, Frutarom's president and CEO, said: “We are satisfied by the profitable growth trend in the quarter and believe that it will be also continuing during the year. As expected, we witness fine results that emerged from the steps we have taken to strengthen and improve our competitiveness and to increase our operating efficiency.”
Food ingredients group Frutarom today (17 August) booked increasing quarterly profits as flavour sales boosted earnings....
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