Tnuva Food Industries Ltd. revenue rose 5.7% to NIS 1.75 billion for the first quarter of 2013 from NIS 1.66 billion for the corresponding quarter of 2012, the financial report of shareholder Mivtach Shamir Holdings Ltd. (TASE:MISH) states. The revenue growth was mostly due to higher commodities sales (milk, eggs, and poultry).
Gross profit fell to NIS 459 million (26% of revenue) for the first quarter from NIS 470 million (28% of revenue) for the corresponding quarter, and operating profit fell to NIS 131 million from NIS 139 million.
Net profit fell to NIS 88.6 million for the first quarter from NIS 113 million for the corresponding quarter.
Tnuva CEO Arik Schor said, "The drop in Tnuva's gross profit in the first quarter of 2013, compared with the corresponding quarter of 2012, is mostly due to the delay in updating of prices of price-controlled dairy products compared with the rise in the target price of raw milk."
Published by Globes [online], Israel business news - www.globes-online.com - on May 30, 2013
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