Israeli food group G. Willi-Food International has posted a 20% increase in revenues for the third quarter to ILS49.4m (US$11.5m), and a 15% increase in pre-tax income to ILS6.1m.
Gross profits increased by 23.9% to ILS13.5m, and post-tax profit before minority interest rose by 25% to ILS4.5m, while net income was up 6% at ILS3.8m. Third-quarter operating income increased by 20% to NIS5.4m.
Zwi Williger, the company’s president and chief operating officer, said: “2006 continues to be a robust year for Willi-Food. The third quarter will mark our fourth consecutive quarter of double-digit revenue growth over the prior year and a 14% increase over second quarter. We have significantly expanded our product lines and continue to deliver strong margins.”
During the quarter, Willi-Food closed a US$10.0m private placement with US institutional investors, the proceeds of which will be used to build a new distribution centre, increase capacity and enable the company to execute its plans for domestic and international expansion.
Willi-Food recently introduced a new product called Fetina, a kosher version of feta cheese, into the retail market in Israel. An advertising campaign is planned for Fetina for November and December. In October, the company launched a new cheese product similar to Roquefort, called Bloose, which Willi-Food developed with Arla Food.
