Israeli flavours and ingredients group Frutarom posted a 25% increase in net profit for the fourth-quarter and said it can double sales to US$1bn by 2012.
The ingredients maker recorded a net profit of US$6m from $4.8m in the same period a year earlier.
Operating profit for the period rose by 15.3% to reach $8.4m.
Sales however, fell, dropping 9% to $98.7m, hurt by weak European currencies as well as a trend of inventory reduction among Frutarom customers.
Ori Yehudai, Frutarom’s president and CEO said: “Frutarom will continue to act determinedly to implement its rapid growth strategy which combines organic growth and strategic acquisitions. We consider the challenging and complex period which global economics undergoes as an opportunity for further strengthening.”
Earnings per share grew at a rate of 25% and reached $0.10 compared to $0.08 during the same period last year.