The strengthening of the US dollar compared to most of the European currencies and the NIS (in which most of Frutarom’s sales are implemented) caused a decrease of 5.4% in sales. Therefore, in US dollar terms, the sales in the third quarter of the year decreased by 7.0% compared to the third quarter last year.
Frutarom’s sales in the first nine months of the year reached $316.7m, a decrease of approximately 4.3% in local currency terms compared to the first nine months of 2008. The strengthening of the US dollar compared to most of the European currencies and the NIS caused a decrease in sales in the first nine months of the year at a rate of approximately 11.2%. Therefore, in US dollar terms, the sales decreased by 15.5% compared to the first nine months of 2008.
The revaluation in the US dollar rate compared to the European currencies and the NIS seems to come to an end towards the end of the quarter and has reversed as from October. Should this trend continue, Frutarom is expected to be positively affected starting the fourth quarter this year.
Read the full Frutarom report here.
Source: Frutarom
© FoodBev Media Ltd 2024