Frutarom has recorded and increase in third-quarter profits

Frutarom has recorded and increase in third-quarter profits

Food ingredients group Frutarom today (16 November) recorded an increase in third-quarter profits, boosted by sales growth in its flavours and speciality fine ingredients divisions.

For the three months to the end of September, net profit climbed 11.1% to US$11.1m, while operating profit amounted to $15m, a 12.2% increase on the prior-year period.

Frutarom's revenues in the quarter totalled $111m, an increase of 4.8% in local currency terms compared to last year. The weakening of the euro and the sterling against the US dollar, resulted in a 0.6% decrease in sales in US dollar terms compared to the third quarter of 2009.

Ori Yehudai, Frutarom's president and CEO, said: "We are satisfied by the continued positive trends expressed in the continued achievement of internal growth while materially improving profit and margin which hit record levels also this quarter. We continue to witness fine results from the continued improvement of our product mix and from the steps we have taken to strengthen and improve Frutarom's competitiveness and operational efficiency."

In the first nine months of the year, the company earned $35.3m, a 37.2% increase on last year. Operating profit rose 40.2% to reach $50.9m.

Frutarom's revenues totalled $338.7m, an increase of 8.2% on last year.

Click here to view the full earnings release.