Israeli food firm Strauss shrugs off Q3 profit fall

* Q3 profit 62 million shekels, vs forecast 79 million

* Had posted a large one-off gain a year ago

* Sales slip 1.4 percent

* Shares up 0.6 percent

JERUSALEM, Nov 25 (Reuters) - Israeli food company Strauss Group (STRS.TA) posted a 75 percent fall in third-quarter net profit, which was boosted by disposal income a year ago, and said it would continue to invest in brands and innovations.

"Strauss Group is taking the actions required to adjust the company to its new environment given the impact of the global crisis," chairman Ofra Strauss said on Wednesday.

Strauss, Israel's second-largest food and beverage company, posted a third-quarter net profit of 62 million shekels ($16.5 million), or 0.59 shekel per diluted share, below the 79 million forecast in a Reuters poll.

Strauss, a maker of snacks, fresh foods and coffee, said the fall was due to the September 2008 sale of a 25.1 percent stake in its coffee operations for $293 million to private equity firm TPG Capital, which boosted third-quarter results last year by $75 million.

Excluding one-time items, third-quarter net profit fell 35 percent to 64 million shekels. Quarterly sales fell 1.4 percent to 1.622 billion shekels, below an expected 1.642 billion.

Strauss, a market leader in roast and ground coffee in central and eastern Europe, is the second-largest coffee company in Brazil where it has a 13.8 percent market share.

Coffee sales fell 0.4 percent to 858 million shekels, with the fall attributed to the impact of higher currency exchange rates in Brazil and former Soviet countries.

Strauss shares were up 0.6 percent at 51.80 shekels at 1010 GMT. (Reporting by Joseph Nasr; Editing by Steven Scheer and Dan Lalor) ($1 = 3.76 shekels) ((joseph.nasr@reuters.com ; +972 2 632 2202; Reuters Messaging: joseph.nasr.reuters.com@reuters.net))