Higher profits from coffee and from its international dips and spreads operations have boosted half-year earnings at Israel-based firm Strauss Group.
Strauss booked net income of NIS178m (US$49.8m) for the six months to the end of June, up almost 78% on the year. Operating income was up 36.3% at NIS399m.
The company said operating profit from coffee – its largest business – increased 56.2% to NIS210m. The improved earnings from coffee came despite lower sales from the division, which was impacted by foreign exchange. The improved profitability from coffee was due to a better performance from its business in Brazil, Strauss’s largest market for coffee.
Strauss generated operating profit of NIS24m – up 43.2% on the year – from its international dips and spreads business, a venture with PepsiCo. Net sales increased by 20.6% to NIS293m.
The company’s total net sales were up 0.7%, affected by foreign exchange. Excluding currency fluctuations, sales increased 4.3%.
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