Elite Food Company is showing signs of recovery following profits accrued during the first quarter of 2002, to the tune of NIS25m (US$5.1m) after losses of NIS19m for the previous quarter.

A report in Maariv notes that the first 2002 quarter profits are 8% lower compared with the same period in 2001, and that the operating profit during the 1st quarter in 2002 is down 26% compared with the same period in 2001.

According to a company report, Elite International continues to show losses in its operation in ten countries throughout the world. Although Elite International increased its sales, the losses result mainly from the downfall of coffee prices on the world markets.

The report says that Elite’s sales in the first quarter amounted to NIS529.7m, a decline of 7% compared with the same period in 2001. Sales of Elite International totaled NIS188m, down 4.4% compared with the same period in 2001. The decline in sales of Elite International is largely attributed to sales reductions of Elite’s coffee plant in Brazil.

By Aaron Priel, just-food.com correspondent