Domestic sales rose 4.3% to NIS 2.67 billion in January-September, but foreign sales fell 7.1% to NIS 478.9 million
Higher domestic sales boosted revenue and profits of food company Osem Investments Ltd. (TASE: OSEM) for the third quarter of 2013, offsetting lower foreign sales. Revenue rose 1% to NIS 1.08 billion for the third quarter from NIS 1.07 billion for the corresponding quarter, and net profit rose 4.3% to NIS 105.1 million from NIS 100.8 million.
"Third quarter sale rose despite the timing of the Rosh Hashana holiday, which adversely affected sales compared with the corresponding quarter of last year, and despite the erosion in exchange rates, which affected foreign sales," said Osem.
Revenue totaled NIS 3.1 billion in January-September, 2.4% more than in the corresponding period of last year. Domestic sales rose 4.3% to NIS 2.67 billion, but foreign sales fell 7.1% to NIS 478.9 million. Osem attributed the decline in foreign sales in part to "the erosion in exchange rates and the termination of sales of loss-making products abroad and/or the sale of products that are not sold under the Osem label."
Published by Globes [online], Israel business news - www.globes-online.com - on November 24, 2013
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