Geneva - The world's largest maker of fragrances and flavours, Givaudan, said Tuesday it consolidated its business operations in 2008 and turned a profit of 111 million Swiss francs (95 million dollars).

The company said in a statement that this was a rise of nearly 20 per cent over 2007, when it made 93 million francs.

Overall, though, sales for the Swiss company fell by 1.1 per cent when calculated in francs, reaching just over 4 billion.

The rise in the price of raw materials in early 2008 cut into the company's gross profit margin and it said the subsequent decrease in supply costs, which began towards the end of the year, would only be felt later in 2009.

Givaudan acquired Quest International, a rival, in early 2007, and said its integration, along with consolidation of plants, helped the producer cut costs, and by 2010 it would reach a savings target of 200 million francs.

This year, the company said it was "confident to outgrow the underlying market" and would continue to focus on growth in developing countries. (dpa)