Israel's Osem Investments third-quarter net profit up
Israeli food maker Osem Investments posted a 4.3 percent rise in adjusted quarterly net profit on hi…Israeli food maker Osem Investments posted a 4.3 percent rise in adjusted quarterly net profit on higher sales.
Osem, 58.8 percent owned by Swiss food company Nestle , said on Sunday third-quarter net profit excluding a one-time tax expense, rose to 105.1 million shekels ($29.5 million) from 100.8 million a year earlier. Including the tax expense net profit was 101.3 million shekels.
It attributed the improved profitability to deeper penetration of Nestle products, an expansion into new activities in Israel and abroad, new products and efficiency measures.
Quarterly sales rose 1 percent to 1.08 billion shekels despite the timing of the Jewish holidays which negatively impacted the 2013 quarterly results.