ISRAEL: Osem-Nestlé reports Q2 profits up 6.6%
Osem-Nestlé, Israel's leading food manufacturer, reported Q2 net profits up 6.6% to NIS27.4m (US$5.82m) compared with NIS25.7m in the same period last year. The company reported sales down 1.6% to NIS578.7m while operating profits rose 28.5% to NIS55m compared with the corresponding quarter last year. Osem explained that a 10% hike in taxes to NIS22.5m reduced net profits for the quarter.
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