The Israeli food company said the decline was due to higher discounts, but that sales in volume terms rose.
Israeli food company Osem Investments Ltd. (controlled by Nestle SA (SWX:NESN)) (TASE: OSEM), which reported its third quarter results this morning, recorded a 4.8% drop in third quarter sales to NIS 1.075 billion. The company explains the decline by a rise in discount levels. Quarterly net profit was flat, at NIS 101.9 million.
Osem stresses that in volume terms, sales grew 1.2% in the quarter to 67.96 thousand tonnes.
The company's gross profit fell 7.7% in the quarter to NIS 437.97 million, while operating profit rose slightly, by 0.2%, to NIS 144.73 million.
Published by Globes [online], Israel business news - www.globes-online.com - on November 22, 2015
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