By  on August 6, 2009

New York-based fragrance supplier International Flavors & Fragrances Inc. posted a 28.3 percent drop in profits on lower revenues during the second quarter ended June 30 as the company’s fragrance business remained “challenging.”

The firm reported net earnings of $48.1 million, or 60 cents a diluted share, compared with $67 million, or 83 cents a share, in the same period a year ago. Revenues declined 10.7 percent to $568.3 million, from $636.1 million a year ago. Excluding the impact of foreign exchange, revenues were down 4 percent.

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