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Israel's Osem Q3 net profit slips, sales rise
TEL AVIV |
TEL AVIV Nov 25 (Reuters) - Israeli food maker Osem Investments posted a 1.1 percent drop in quarterly net profit, weighed down by higher costs for raw materials and energy as well as a rise in financing expenses and taxes.
Osem, 58.8 percent owned by Swiss food company Nestle , said on Sunday third-quarter net profit fell to 100.8 million shekels ($26.1 million) from 101.9 million a year earlier.
Osem said the higher costs were partly offset by efficiency measures in its distribution systems and lower advertising spending
Quarterly sales rose 2.6 percent to 1.07 billion shekels, boosted by a 5.4 percent increase in sales overseas.
Financing expenses rose to 7.1 million shekels from 5.7 million a year earlier due to exchange rate differentials.
($1 = 3.86 shekels) (Reporting by Tova Cohen)
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