Shares in Israeli coffee-to-houmous manufacturer Strauss Group climbed today (26 November) despite lower reported earnings as underlying profits increased.
Strauss posted a 17.1% rise in third-quarter underlying net profit to ILS81m (US$22.9m) despite lower sales, which fell 1.9% to ILS2.04bn.
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The company, which makes dips in a venture with PepsiCo, benefited from lower cost of sales.
Its underlying results excluded items like the value of commodity hedging transactions and its performance in the nine months to the end of September mirrored the third quarter, with profits up but sales down.
Sales of coffee, Strauss’ largest business, were lower in the third quarter and in the year to date.
Revenue from its international dips and spreads arm were up.
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By GlobalDataShares in Strauss had climbed 1.11% to ILS6,450 at 14:01 local time.
Click here for the full statement from Strauss.
