IFF's Q4 results hold steady
Fragrance house International Flavors & Fragrances (IFF) has reported a 2% increase in local currency sales for the fourth quarter of 2008, whereas reported sales of $539m were down 3% due to the strengthening of the dollar.
Fragrance house International Flavors & Fragrances (IFF) has reported a 2% increase in local currency sales for the fourth quarter of 2008, whereas reported sales of $539m were down 3% due to the strengthening of the dollar.
Net income for the period was recorded at $49m, compared to $47 in 2007. The results include $17m of tax benefits related to the previous year’s tax settlements and an $8m after-tax restructuring charge.
Full year sales were put at $2,389m, a growth of 5% on the previous year. Fragrance sales increased by just 2%.
“I am generally pleased with our 2008 financial performance, especially in light of the challenging economic and market conditions we faced this year,” commented Robert M Amen, chairman and ceo. “Our Fragrances business improved its performance in the fourth quarter but ended the year slightly below 2007 results. Excellent progress was made in some areas of the Fragrances business, especially in Greater Asia and Fragrance Ingredients, but we have additional opportunities to improve.”