Global food ingredients manufacturer International Flavors and Fragrances saw its half-year net profits rise after its flavours business delivered a positive performance.
Net income for the six months of the year ending 30 June, increased 5.9% to US$169.7m. Operating profit climbed 0.7% to $253.2m, while net sales edged up 0.1% to $1.43bn.
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Net sales for the company’s flavours division increased 4% to $711.2m, while sales for the fragrances business declined 3.4% to $720.7m.
Doug Tough, chairman and CEO of IFF, said: “We continue to be cautiously optimistic in our outlook, given the lagging economic growth and uneven recovery cycle.
“Although we achieved solid momentum in both flavours and fragrance compounds, we believe we will continue to face a weak economic environment in Western Europe and softness in Fragrance Ingredients.”
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