G. Willi-Food International, one of Israel’s largest food importers, has seen a 34.7% increase in first quarter revenues to NIS54.5m (US$11.7m).

The company’s gross profits for the first quarter increased 71.8% to NIS14.4m.

Zwi Williger, president and COO of Willi-Food commented: “We are very excited about our strong results for first quarter of 2006. With sales increases in all of our business segments, we were able to achieve the highest quarterly revenues and gross profit in the company’s history. Our domestic market drove revenue gains for the quarter, and we anticipate growth in the export market as well.”

Operating income in the period increased 84.5% to NIS 4.4m.

Williger continued: “The broad based strength of our business enabled us to deliver record results, both on the top and bottom lines. Moreover, we are able to differentiate our company through our success at becoming a high margin business in a low margin industry.”

He added: “With these positive quarterly results, coupled with being debt free and cash positive, we believe that we are in a strong financial position to achieve our goal of expanding our foothold in the lucrative US and European food markets. At present, we are in the process of identifying possible US and European distributors and are optimistic about the outcomes.”