The Israeli international food and coffee producer saw revenue fall 3.6% and profit fall 15.4%.
Strauss Group Ltd. (TASE:STRS) reported third quarter revenue of NIS 1.365 billion, down 3.6% from NIS 1.415 billion in the corresponding quarter of 2014. Net profit in the third quarter of 2015 was NIS 90 million, down 15.4% from the corresponding quarter.
The international food company will pay shareholders a dividend of NIS 100 million on December 10.
Strauss Group president and CEO Gadi Lesin said, “All of the Group’s businesses have posted an improvement in operating profit in the quarter, except for the coffee company. The Group continues to operate in a dynamic, challenging environment and to implement its global growth strategy. The results of operations of Strauss Coffee - a leading player in a number of emerging markets, including Brazil (the world’s second-largest coffee market) primarily reflect the weakening of the Brazilian real and Russian ruble despite over 12% organic growth in domestic currency sales by the coffee company. In Israel, continued price reductions, innovation efforts and streamlining measures throughout the length of the value chain have led to a slight improvement in EBIT for the quarter.”
Published by Globes [online], Israel business news - www.globes-online.com - on November 24, 2015
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