Income for Frutarom up 35% in year

by Staff
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HAIFA, ISRAEL — For the full-year 2008 Frutarom had a profit of $176.3 million, equal to 65c per share on the common stock, up 35% from the previous year. Sales for the year were $473.3 million, up 29% from the previous year.

The increase in sales was the result of organic growth in flavors produced and sold by the flavors division and organic growth in the sale of specialty ingredients produced and sold by the fine ingredients division.

"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 consider the challenging and complex period that global economics undergoes as an opportunity for further strengthening. Frutarom entered this challenging and crisis-related economic period as a leading, global, stronger-than-ever company with a solid capital structure.

"Frutarom’s core businesses, mostly intended for the food industry . . . will enable it to successfully glide through the global economic crisis and exploit opportunities that have emerged and continue to emerge as a result of this crisis."

During the fourth quarter the company had a profit of $6 million, equal to 10c per share, up 26% from the same period of the previous year, and sales for the quarter were $98.7 million, down 1% from the same quarter of the previous year.

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