Osem-Nestlé, Israel’s leading food manufacturer, reported Q2 net profits up 6.6% to NIS27.4m (US$5.82m) compared with NIS25.7m in the same period last year.
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The company reported sales down 1.6% to NIS578.7m while operating profits rose 28.5% to NIS55m compared with the corresponding quarter last year. Osem explained that a 10% hike in taxes to NIS22.5m reduced net profits for the quarter.
Osem’s sales fell 3.7% in the first half of 2002 to NIS1.12bn, maintaining that the sales decline was due to the inflation. Sales turnover increased 2.7% in volume terms, compared with the same period last year. It further stated that domestic sales fell 4.5% to NIS970.3m while overseas sales rose 1.4% in real terms to NIS149.6m. The food producer’s operating profit rose 25.4% in the first half of 2002 to NIS98.6m, while net profit rose 6.2% in real terms to NIS56.7m for the aforementioned period.
By Aaron Priel, just-food correspondent
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