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Markets :: Specialty Chemicals :: Flavors and fragrances
Frutarom's Profits Down on Higher Costs, but Says Costs are Moderating
3:59 AM MDT | August 18, 2011 | Kerri Walsh
Flavors and flavors producer Frutarom reported second quarter net income down 5%, to $12.3 million, and operating income down 12%, to $17 million because of high raw material costs. Sales rose 14%, to $131 million as a result of economic recovery during the quarter and customer restocking. "In recent quarters, we have witnessed a significant global trend of raw materials prices increase, including in many of the raw materials used by Frutarom in the manufacture of its products,” says president and CEO Ori Yehudai. “This trend seems to have...
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