Israel food importer G. Willi Food said it is “optimistic” about the remainder of 2010, despite booking a drop in third-quarter profits.

For the three months to the end of September, the firm recorded earnings of NIS7.2m (US$2m) compared to a profit of NIS11.1m in the year-ago period.

Operating income slid to NIS8.28m from NIS14.22m last year.

Sales however, increased 16.1% over the third-quarter of 2009 to NIS79.7m. The growth was a result of the introduction of new products as well as increase awareness of the firm’s brand in the Israeli market following a national media campaign launched in the first-quarter of the year.

Zwi Williger, president and COO of Willi-Food, said: “We are optimistic about the remainder of 2010 and our 2011 results as we continue to work to expand the footprint and brand recognition of Willi-Food globally while diversifying our product base in order to hedge against any single event that might impact our results.”

For the nine months to 30 September, profits dropped to NIS22.07m from NIS23.54m, while operating profit slid to NIS25.63m from NIS27m last year.
Net sales climbed to NIS257.30 from NIS223.70m.

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