Israeli food maker Osem, which is 50.1% owned by Swiss food giant Nestlé, has reported fourth-quarter net profit of NIS33.3m (US$7.1m), compared to NIS30.7m a year earlier.

The company's revenue was NIS559.0m in the fourth quarter of 2002, up from NIS545.1m in the year-ago period.

Fourth-quarter operating profit was NIS50.8m, compared with NIS43.9m a year earlier.

For the full year 2002, Osem posted net profit of NIS126.0m, down from NIS134.5m for 2001.

The company's revenue for 2002 was NIS2.27bn, down slightly from Osem's 2001 revenue of NIS2.33bn.