LONDON – Swiss flavors and fragrances firm Givaudan reported its full-year 2009 net profits increased 79 percent to 199 million Swiss francs, or $183.8 million.
Sales in the 12-months to Dec. 31 increased 1.4 percent in local currencies and decreased 3.1 percent in Swiss francs to 3.96 billion Swiss francs, or $3.66 billion. On a like-for-like basis sales grew 1.6 percent on year. Dollar figures have been converted at average exchange for the period.
The firm’s fragrance division generated sales of 1.82 billion Swiss francs, or $1.68 billion, representing a 0.9 percent uptick in local currencies and a 3.9 percent decrease in Swiss francs. Sales of fine fragrances slumped 7.6 percent in local currencies, hit by weak consumer demand and destocking in Europe and North America, according to the company.
In the fourth quarter, group sales increased 4.7 percent in local currencies to 933 million Swiss francs, or $913.3 million, while the fragrance division grew 5.3 percent to 436 million Swiss francs, or $426.8 million. The company stated it is confident it will “further outgrow the underlying market” in 2010.