Frutarom's sales in the third quarter of 2007 grew 23.0% to total US$ 87.7 million. Excluding the influence of the strengthening Western European currencies, Frutarom's sales for the quarter grew 20.0%.
The main contributors to the growth in sales were:
growth in the sales of flavors produced and sold by the Flavors Division;
the integration of Acatris's and Abaco's activities, which were acquired and consolidated as of October 2006 and July 2007, respectively, with the Fine Ingredients Division's global activity;
the merger of Belmay and Jupiter, which were acquired and consolidated with the Flavors Division's activity as of April 2007;
the merger of Raychan's and Adumim's activities, which were acquired and consolidated with the Flavors Division's activity in Israel as of September 2007;
utilization of the synergy and cross selling opportunities between Frutarom's Divisions, existing customers and products and those added through the acquisitions made in recent years;
the strengthening of the European currencies and New Israeli Shekel (in which most of Frutarom's sales are made) against the dollar; and (7) growth in the activity of Trade & Marketing in Israel.
Sales in the first nine months of 2007 grew 21.1% to total US$260.0 million. Excluding the influence of the strengthening Western European currencies, sales for the quarter grew 18.0%.
Gross profit for the third quarter rose 17.1% to reach US$31.5 million compared with US$26.9 million in the same quarter last year.
Gross margin for the third quarter reached 36.0% in the quarter compared with 37.8% in the same quarter of 2006.
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