First quarter net profit was NIS 99 million, down 3.3% from the corresponding quarter.
Strengthening of the shekel against the dollar adversely affected revenue and profit of Strauss Group Ltd. (TASE:STRS) in the first quarter of 2014.
Net profit in the first quarter was NIS 99 million, down 3.3% from NIS 103 million in the corresponding quarter of 2013. Group revenue was NIS 1.97 billion, down 2% from NIS 2.01 billion in the corresponding quarter. Without the influence of foreign currency exchange rate, Strauss saw 4.8% organic growth in the first quarter compared with the corresponding quarter.
Strauss CEO and President Gadi Lesin said, “Faced with a challenging quarter in our home market and the international arena, the Group posts sound results that attest to significant capabilities in coping with a changing geopolitical (Russia, Ukraine) and economic reality. Strauss Israel has displayed solid performance despite softness in consumption in Israel thanks to effective marketing effort and product innovation, as well as the beneficial effect of the timing of Passover this year. Três Corações (1) (our JV in Brazil) and Sabra (our JV in the USA and Canada) have continued to post strong operating results and consolidate their competitive position.”
Published by Globes [online], Israel business news - www.globes-online.com - on May 27, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014
Kobi Yeshayahou and Globes' correspondent