The first quarter results are the last for Osem as a public company. It is now wholly ownwed by Nestle.
Food group Osem Investments Ltd. (controlled by Nestl? SA (SWX:NESN)) (TASE: OSEM) reported its first quarter results this morning. The company has now been merged into Nestle and delisted.
Sales for the quarter totaled NIS 1.055 billion, 2.3% less than in the corresponding quarter of 2015. Operating profit fell to NIS 138 million from NIS 141 million in the corresponding quarter. The company posted a net profit of NIS 102 million, which compares with a net profit of NIS 103.5 million in the corresponding quarter.
Earlier this year, Nestle announced an offer to purchase the public's shares in Osem for a total of NIS 3.3 billion. The offer was approved by Osem's shareholders meeting three months ago, and in April the merger went ahead. Osem became a private company and its shares were delisted from the Tel Aviv Stock Exchange.
Published by Globes [online], Israel business news - www.globes-online.com - on May 29, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016
Osem snacks