Fragrance and flavors makers Givaudan S.A. (GIVN.VX) Tuesday posted a 79% rise in 2009 net profit due to the absence of charges, cost cutting and market share gains.

Net profit rose to CHF199 million ($185.2 million) from CHF111 million a year earlier, in line with analysts surveyed by Dow Jones Newswires who estimated the company would report a profit of CHF199.63 million. Last year's figure was hit by costs for the acquisition of Dutch competitor Quest.

"Givaudan fared better than the overall market because of the solid base we have put in place through the integration of Quest International", said Chief Executive Gilles Andrier.

Sales at the Vernier, Switzerland-based company, meanwhile fell 3.1%, partly due to the stronger Swiss franc. Analysts had estimated sales of CHF3.96 billion for the period under review.

For 2010, Givaudan said it is confident of outgrowing the underlying market thanks to its strong product pipeline. It said it was confident to achieve its savings target of CHF200 million by 2010 and reach its pre-acquisition operating profit margin level of 22.7% by the end of this year.

Company Web Site: www.givaudan.com

-By Julia Mengewein, Dow Jones Newswires; +41 43 443 80 45; julia.mengewein@dowjones.com
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