Income for Frutarom up 61% in quarter
November 20, 2008
by FoodBusinessNews.net Staff
HAIFA, ISRAEL — For the third quarter, Frutarom had a profit of $9.4 million, equal to 17c per share on the common stock, up 61% from the same period of the previous year. Sales for the quarter were $120 million, up 37% from the previous year.
The increase in sales was the result of internal growth in sales of flavors and unique ingredients as well as acquisitions.
"Frutarom will continue to act determinedly to implement its rapid growth strategy, which combines organic growth and strategic acquisitions," said Ori Yehudai, president and chief executive officer. "We view this challenging and complex period in the global economy as an opportunity to further establish Frutarom’s position. Frutarom’s core businesses … its solid capital structure and its ability to generate cash from current activities will enable it to successfully glide through the global economic crisis and exploit the opportunities that have emerged and continue to emerge as a result of this crisis."
For the nine months the company had a profit of $139.8 million, or 55c per share, up 49% from the same period of the previous year, and revenue for the nine months was $374.6 million, up 44% from the same period of the previous year.