Ingredients and flavours producer Frutarom said it expects to double turnover in the next four years, despite booking a drop in first-half profits today (27 August).
For the six-month period, net profit, excluding non-recurring effects, totalled US$16.5m compared to $21m in the same period last year.
Net sales in the first half dropped 5.5% to $205.1m, affected by the revaluation in the dollar rate against European currencies and the NIS, and from the continued effects of the global economic crisis.
Operating profit also slid, dropping to $24.1m versus $32.3m in the same half of 2008.
Ori Yehudai, president and CEO of Frutarom, said: “We will continue to determinedly act for the implementation of our rapid growth strategy, combining organic growth and strategic acquisitions.”
He added: “We are convinced, that we will be able to achieve our goals and double Frutarom’s turnover again in the next 4 years, so that it will reach $1bn by 2012.”
EBITDA for the period dropped to $33m from $43.1m in the comparable period of 2008.