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Frutarom Q3 2006 Results
Posted: November 22, 2006
Frutarom (Haifa, Israel) has reported third quarter 2006 sales of $71.3 million, an increase of 20% compared with the same period 2005. Gross profit for the period reached $26.9 million compared with $23.0 million in the same quarter 2005. Operating profit totaled $9.2 million, an increase of 16.9%, while net profit rose 2.9% to reach $7.0 million.
Of the results, Frutarom president and CEO Ori Yehudai said, “Our diligent activity to raise the selling prices of our products has already begun to yield results in the third quarter and, we estimate, will continue to contribute to improving profit margins in the coming quarters. As expected, the Nesse activity that we acquired at the beginning of the year continues to grow and contribute very nicely to Frutarom’s activity. We estimate the extraction of the synergy and cross-selling opportunities will continue next year and contribute to growing Frutarom’s sales and profits.” With regard to the Acatris Health acquisition made in October, Yehudai said, “As of the fourth quarter of this year Acatris Health’s activity is being merged into the global structure of Frutarom’s fine ingredients division and being combined with the natural health products activity of the Swiss company Flachsmann that was acquired by Frutarom in 2003.”