Food manufacturer Osem-Nestlé Israel reported 2004 Q2 profits worth NIS39.8m (US$8.84m), demonstrating a steady improvement.

This compares positively with NIS34.7m for the preceding quarter and NIS31m for the year-ago period. Revenue grew by 4.7% year-on-year to NIS 602.8m, “which was affected by the timing of the Passover season, which fell mostly within the first quarter of 2004, but entirely within the second quarter of 2003,” according to a report in Globes. The report notes that the improvement in Osem’s revenue was greater than the number alone implies.

Overseas sales rose 15.2%, mostly due to the sales of its subsidiary Tivall in the UK, Germany and Sweden. Operating profit was NIS62.85m, 10.4% of revenue.