Malaysian sweetener maker PureCircle has posted a 73% jump in first-half profits on the back of growing demand for its natural sweetener.
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For the six months ended 31 December the company reported a pre-tax profit of US$2.04m, up from $1.18m reported for the comparable period of last year.
Revenue rose 49% to $21.6m and gross margins improved 9%, the company said.
However, PureCircle said it would not declare an interim dividend to preserve cash.
“While the company is growing its business, the board deems working capital to be a priority,” it said.
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By GlobalDataPureCircle said that it is making good progress on increasing production to meet growing demand.
Second-quarter production increased to 300m tonnes up from 90m tonnes in the comparable period of last year, while fourth-quarter production was “on track for annual rate of 700m tonnes”.
