May 29, 2018 / 6:52 AM / 3 months ago

Israel's Frutarom Q1 profit jumps on record sales

JERUSALEM, May 29 (Reuters) - Israeli flavour and fine ingredients maker Frutarom Industries reported on Tuesday a 35 percent rise in first-quarter net profit on record sales.

The company reported a quarterly net profit of $46 million excluding one-time items, up from $34 million the same quarter a year ago. Revenue jumped 27 percent to $384.8 million.

International Flavors & Fragrances Inc agreed earlier this month to buy Frutarom for $7.1 billion in cash and stock.

Frutarom said that about 73 percent of sales came from its flavor business.

It has targeted $2.25 billion in revenues in 2020. (Reporting by Ari Rabinovitch)

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