Osem Q3 revenue declines

Osem snacks
Osem snacks

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

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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