Osem Investments Ltd. (TASE: OSEM) today published its financial report for the first quarter of 2013. The food company reported a small drop in revenue to NIS 1.01 billion, made up of NIS 839.3 million in domestic sales and NIS 171.2 million in overseas sales.
The company said that the 1.4% drop in revenue was due to the timing of the Passover holiday this year, which fell in the third week of March, adversely affecting the first quarter, but which will favorably affect the company in the second quarter.
Net profit totaled NIS 94.6 million for the first quarter, 1% more than for the corresponding quarter of 2012. Operating profit rose 1.4% to NIS 132.2 million, but gross profit dipped 0.2% to NIS 414.4 million.
Sales of culinary products fell 2.7% to NIS 183.9 million in the first quarter and profits fell 3.5% to NIS 26.1 million. Sales of snacks and breakfast cereals fell 7.6% and profits fell 10%. Sales of baked goods and beverages fell 4.7% to NIS 143 million in the first quarter, but profits rose 32% to NIS 28.6 million. Sales of prepared foods rose slightly to NIS 220.4 million and profits rose to NIS 16.7 million. Sales of infant formula fell 9% to NIS 83.1 million and profits fell to NIS 14.6 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 26, 2013
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