Osem Investments Ltd. (controlled by Nestle SA (SWX:NESN)) (TASE: OSEM) today published its results for the second quarter of the year, showing a 1.2% decline in sales to NIS 1.014 billion. The company attributed the fall to conversion of certain results from sales expenses to discounts, which decreased its net sales. Excluding this effect, sales remained unchanged.
Culinary sales were down 4% to NIS 219.54 million, while sales of baked goods, beverages, snacks, and breakfast cereals were up 1.6% to NIS 261.62 million.
Osem's international sales dipped 1.2% to NIS 158.04 million, while sales of baby food sank 6.8% to NIS 70.82 million.
Gross profit was off 3.7% to NIS 413.9 million, mostly as a result of an increase in discounts and bargains for customers, while operating profit dropped 0.2% to NIS 124.57 million. Net profit fell 10% to NIS 88.31 million as a result of a rise in net financing expenses.
Published by Globes [online], Israel business news - www.globes-online.com - on August 30, 2015
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