Israel's Super-Sol Q1 net profit, sales rise

TEL AVIV, May 14 (Reuters) - Israeli retailer Super-Sol (SAE.TA) on Thursday reported higher quarterly net profit, boosted by Passover holiday shopping, financing income and lower taxes.

Israel's largest supermarket chain posted net profit of 86 million shekels ($20.7 million), or 0.42 shekels per share, in the first quarter, compared with 72 million shekels, or 0.35 shekels a shar e, a year earlier.

Sales rose 2 percent to 2.63 billion shekels while same-store sales increased 1.4 percent.

Super-Sol noted its results in the first quarter were boosted by shopping for the week-long Passover holiday, more so than last year when Passover sales were felt in the second quarter.

The company had financing income of 8 million shekels in the first quarter, compared with financing expenses of 43 million a year earlier.

Super-Sol is a subsidiary of IDB Holding Corp (IDBH.TA), which controls the supermarket chain through its subsidiary Discount Investment Corp (DISI.TA).

($1 = 4.15 shekels)

(Reporting by Tova Cohen; editing by Simon Jessop)