Kosher food importer and distributor G Willi-Food has announced rises in sales and net income for the third quarter ended 30 0September 2005.
Revenues for the quarter ended 30 September 2005 increased by to 41.2m shekels (US$ 9.0m) from 40.5m in the third quarter of 2004.
Net income for the quarter ended was 3.6m shekels compared to 2.3m in the third quarter of 2004.
Revenues for the first nine months of 2005 were 120.7m shekels compared to 130.8m the same period in 2004. Net income for the first nine months was 6.6m shekels, reflecting a one-time reserve of 4.0m taken during the second quarter of 2005. This reserve was taken with respect to the Company’s estimated exposure to the collapse of Clubmarket Marketing Chains, Israel’s third largest supermarket chain. Net income for the first nine months of 2004 was 8.1m shekels.
“We are pleased to deliver a moderate increase in sales for the third quarter with a significant increase in gross margins, operating margins and net margins, translating into a 52% rise in our profit for the quarter,” said Zvi Williger, president and COO of the company. “This reflects the market’s strong response to the new, higher-margin products that we have been introducing into the Israeli market, together with the contribution of our ongoing efficiency efforts. To drive our future growth, we are expanding our institutional sales effort and continue adding new items to our unique selection of food products. In parallel, we continue to seek out the right channels for our launch into the high-potential US and European food markets.”