Elite Industries yesterday [Wednesday] announced Q2 net profits stable at NIS6.3m (US$1.4m), compared with NIS6m a year earlier.

Elite Industries, one of Israel's primary food manufacturers, said its revenues increased 13.7% to NIS552.4m from NIS486m in the corresponding 2002 quarter.

The company attributed the rise to higher sales by its Elite International unit, "and the fact that the Passover holiday fell in the second quarter this year, while it occurred in the first quarter last year," according to The Jerusalem Post. The company said last month it agreed in principal to merge with Strauss Dairies and Strauss Salads, making it Israel's second largest food company, after Tnuva.