Israel's Super-Sol Q2 profit nearly doubles
JERUSALEM, Aug 4 (Reuters) - Israeli retailer Super-Sol (SAE.TA) reported an 84 percent rise in quarterly profit on Monday, helped by a rise in sales and higher food prices.
Israel's largest supermarket chain posted second-quarter net profit of 101 million shekels ($29 million), or 0.49 shekel per share, compared with 55 million shekels, or 0.27 shekel a share, a year earlier.
Sales rose 18 percent to 2.78 billion shekels.
Super-Sol said its results were boosted by sales ahead of the Jewish Passover festival, which fell in April this year. In 2007, Passover sales were largely made in the first quarter. It added that selling prices rose on the heels of an increase in costs from suppliers.
Super-Sol is a subsidiary of IDB Holding Corp (IDBH.TA), which controls the retailer through its Israel Discount Corp (DISI.TA) unit. (Reporting by Steven Scheer; Editing by Paul Bolding)
