Frutarom Industries Q3 pretax hit by acquisitions but sales up 23 pct |
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Published
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Wed, 21 Nov 2007 08:43
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LONDON (Thomson Financial) - Frutarom Industries Ltd posted a higher gross but lower pretax profit in the third quarter, saying acquisitions boosted sales but hit profits, and added that these buys will help increase profit in the first quarter of 2008 via better margins.The food company also said it will continue hiking product prices in the fourth quarter to adjust for rising raw material costs.For the quarter to Sept 30, gross profit rose to 31.54 mln usd from 26.93 mln, pretax profit dipped to 6.61 mln usd from 9.17 mln, while sales rose to 87.69 mln usd from 71.28 mln.The integration of the 7 new acquisitions during the year is progressing as planned and the merger of three sites in England into one will, in Frutarom's estimation, lead to annual operational savings of over 3 mln usd from the beginning of 2008.TFN.newsdesk@thomson.comjro/jfrCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Israel's Frutarom to buy German Gewurzmuller Group for 67 mln usd 