Food company Strauss Group Ltd. (TASE:STRS) released its third quarter financials this morning. Revenue fell in comparison with the corresponding quarter of 2012, but operating profit and net profit both rose.
The company had revenue of NIS 2.04 billion in the third quarter of 2013, 2% less than the NIS 2.08 billion sales in the corresponding quarter. Discounting the effect of exchange rate differences, revenue rose by 5.7% year-on-year.
Strauss's operating profit for the current quarter was NIS 212 million (10.4% of sales), 21% higher than the NIS 175 million (8.4% of sales) recorded in the corresponding quarter. The rise is mainly a result of growth in the company's international activity.
Net profit attributable to Strauss shareholders rose 17% to NIS 81 million, compared with NIS 69 million in the corresponding quarter.
Strauss Group CEO Gadi Lesin said, "The group' strong performance in the current quarter reflects continuing strong operating results in our international activity, alongside growth in Strauss Israel and sophisticated cost control. The group is accelerating investment in innovation and marketing efforts across all segments of its business, with the aim of building and consolidating the group's growth engines and providing our consumers with a better and more varied range of products."
Published by Globes [online], Israel business news - www.globes-online.com - on November 26, 2013
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