Food manufacturer Strauss-Elite has reported revenues for the third quarter of 2005 of ILS1.11bn, (US$236.1m), compared with ILS980.4m in the same period last year.
After provisions for doubtful debts owed by Clubmarket, Strauss-Elite third quarter operating profit totaled ILS115.8 million, up 38.4% and its net profit was ILS56.5m, up 50.3%.
Sales in Israel increased by 9.1%, while sales of Elite International grew 28% to ILS303.8m.
Strauss-Elite said that Elite International’s Sales had risen rapidly in most of the countries in which the company operated, and had been affected by the full consolidation of the results of Doncafe, starting in the second quarter of this year. Strauss-Elite made a ILS41m provision for doubtful debts owed by Clubmarket in the second quarter. The company reduced this provision to ILS34.3m at the end of the third quarter, which it believes will cover the outstanding debts.
