ISRAEL: Frutarom posts drop in nine-month profit
By: just-food.com | 24 November 2009
Israeli ingredients group Frutarom reported a drop in profit for the first nine months of the year as sales were affected by the strength of the dollar against European currencies.
Net profit for the nine-month period dropped to US$26.7m from $30.4m in the same period of 2008.
Sales also dropped, falling to $316.7m, a decrease of 4.3% in local currency terms on the prior year. The strengthening of the US dollar compared to most of the European currencies and the NIS caused a decrease in sales in the first nine months of the year at a rate of approximately 11.2%.
Therefore, in US dollar terms, sales slipped by 15.5% compared to the first nine months of 2008
EBITDA totalled $51.5m, which comprises 16.3% of sales compared to $63m, which comprises 16.8% of sales in the first nine months of 2008.
Ori Yehudai, CEO said: "The global crisis changed the growth trend which characterized most of the global markets in recent years. Frutarom entered this challenging and crisis-related period as a leading and strong global company, with a solid capital structure and an experienced global management."
He added: "Concurrently, we continue to strengthen our R&D and sales infrastructures to ensure the continuation of our profitable growth."
Sectors: Commodities & ingredients
Companies: Frutarom
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