ISRAEL: Elite posts decline in Q1 profits despite rise in revenue
Israeli confectionery company Elite Industries has announced a slight decline in first-quarter profits despite an 11.6% rise in revenue.
Elite, which also makes coffee products, reported a 7% fall in first-quarter net profit to NIS24.3m (US$5.5m), reported Globes.
Elite International, the company's overseas division, posted a 30% rise in first-quarter revenue to NIS257m and an operating loss of NIS8.7m, compared with a loss of NIS9.6m a year earlier.
Elite Israel, the company's domestic unit, reported a 1% rise in first-quarter revenue NIS361.9m and a 1.3% increase in operating profit to NIS61.9m.
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