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Frutarom sees first quarter profits double |
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Monday, 17 May 2010 |
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17th May Israeli ingredients company Frutarom saw profits double in the first quarter of 2010. Increases in sales and cost-cutting measures are said to have boosted earnings.
Net profit reached US$111.1m for the quarter, up from $5.6m for the same period the previous year. Revenues were also up, totaling $113.5m, an increase of 15.5%. Operating profit grew to $16.6m, up 61.9%, while EBITDA rose by 47.3% to $21.3m
Favourable foreign exchange rates and the merger of three acquisitions made in 2009 also assisted sales figures.
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