Kosher food specialist G. Willi-Food has recorded a drop in nine-month profits as the firm experienced commodity cost increases and pressures from supermarkets to reduce prices.
Net income in the nine months to the end of September dropped 3.2% to NIS15.2m (US$3.9m). The group said continued pressure from its customers to reduce prices as a result of ongoing protests against the cost of food, affected earnings. Operating income also slid in the period, by 24.8% to NIS16m.
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Sales, however, climbed 2.3% to NIS210.1m, driven by new product launches in the third quarter and increased sales activities initiated in the last year.
Chairman Zwi Williger said: “We are understandably cautious regarding ongoing global commodity price inflation and the impact of the ongoing national protest against the cost of food products, but we believe we are well-positioned to limit any impacts.”
