Israeli flavours and ingredients group Frutarom has posted a 61% increase in net profit for its third quarter on higher revenues.

For the first nine months of 2008, net income reached US$9.4m from $5.9m in the year-earlier period.

Frutarom reported revenues of $120m for the third quarter, a growth of 36.9% compared to the same quarter in 2007. This was primarily due to internal growth in the sale of flavours, acquisitions last year and the strengthening of the shekel against the US dollar.

Operating profit leapt 77% in the period and totalled $48.2m, while operating margin increased 12.9% compared to 10.5% during the same period last year.

"Frutarom will continue to act determinedly to implement its rapid growth strategy which combines organic growth and strategic acquisitions," Ori Yehudai, Frutarom's president and CEO said today (20 November).

"We view this challenging and complex period in the global economy as an opportunity to further establish Frutarom's position. Frutarom's core businesses - mostly intended for the food industry, its solid capital structure and its ability to generate cash from current activities, will enable it to successfully glide trough the global economic crisis and exploit the opportunities which have emerged and continue to emerge as a result of this crisis."