JERUSALEM, Aug 27 (Reuters) - Israeli Frutarom Industries Ltd reported a 16 percent fall in quarterly net profit, saying the global downturn hurt sales as did a stronger dollar against European currencies and the shekel.
Sales were hurt mostly in the United States and Europe, the world's seventh-largest flavours and specialty fine ingredients company said on Thursday.
It posted April-June net profit of $10.1 million, or 17 cents per diluted share. Sales fell 20 percent to $107 million.
Lower expenses and costs helped to maintain profitability, while the company continued to invest in research and development, it said.
Frutarom's three acquisitions so far in 2009 -- Oxford in Britain, FSI in the United States, and the Savory activities of Christian Hansen in Germany -- contributed $5.6 million in second-quarter sales.
President and chief executive Ori Yehudai reiterated a forecast that Frutarom will double its sales in the next four years to reach $1 billion by 2012.
(Reporting by Steven Scheer; Editing by Dan Lalor)
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