Tnuva Food Industries Ltd. today reported that its net profit for the third quarter of 2013 was halved on flat revenue, compared with the corresponding quarter of 2012. Revenue rose 2%, compared with the corresponding quarter, to NIS 1.78 billion, and net profit fell 49% to NIS 79 million.
The drop in profits was due to a non-recurring tax expense of NIS 28 million in the third quarter, due to the companies tax hike from 25% to 26.5% in January 2013, and non-recurring income in the corresponding quarter of last year.
Net profit excluding other revenue and expenses (mostly sales of real estate and the taxes on them), and excluding the companies tax hike on the balance of Tnuva's outstanding tax liability, rose to NIS 105 million for the third quarter from NIS 92 million for the corresponding quarter.
Tnuva CEO Arik Shor said, "The third quarter results reflect Tnuva's efforts to adapt its products and create value for customers and consumers in different categories, such as reduced sugar beverages and a wide variety of frozen fish, as well as improving the range of products for customers in the professional market. These efforts are reflected in the company's business results, large market shares, and growth."
Tnuva is controlled by Apax Partners and Mivtach Shamir Holdings Ltd. (TASE:MISH). Kibbutzim and moshavim own a minority stake.
Published by Globes [online], Israel business news - www.globes-online.com - on November 28, 2013
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