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Frutarom Q1 2006 Results
Posted: May 23, 2006
Frutarom (Haifa, Israel) has reported first quarter 2006 sales of $71.0 million, an increase of 9.7 percent compared with the same period 2005. Excluding the currency effect, sales increased 15 percent. The results benefited from the growth in the fine ingredients division’s sales and the integration of Nesse’s activity with the Frutarom’s global activity. Gross profit for the quarter grew by 8.2 percent to reach $27.0 million. Operating profit grew by 11.8 percent to reach $10.4 million, while net profit rose by 29.3 percent to reach $8.8 million.
Commenting on the results, Frutarom president and CEO Ori Yehudai said, “Frutarom achieved nice results for the first quarter…We are very pleased with the acquisition of Nesse, which we announced at the beginning of the quarter. This acquisition made an immediate contribution to Frutarom’s sales and profits. The integration of Frutarom’s and Nesse’s activities is being successfully executed and we are working to extract the considerable synergies existing in this strategic acquisition, while leveraging the many cross-selling opportunities.”