TEL AVIV, March 20 Net profit at Israeli food
and drinks company Strauss Group rose 2 percent in the
fourth quarter, boosted by higher sales at its dips and spreads
joint ventures with PepsiCo.
Strauss on Wednesday posted quarterly adjusted net income of
68 million shekels ($18.4 million), up from 67 million a year
earlier. Sales rose 1.6 percent to 2.1 billion shekels,
including a 3.5 percent rise in its domestic market.
Strauss, a maker of snacks, fresh foods and coffee, is a
market leader in roast and ground coffee in central and eastern
Europe. It is the second-largest company in the Israeli food and
Global coffee sales fell 2.2 percent to 1.125 billion
shekels though operating profit in the coffee segment rose by
Sales at its international dips and spreads joint venture
half-owned by PepsiCo - jumped 39 percent in the quarter as
operating profit surged 64.8 percent.
Chief Executive Gadi Lesin said Strauss continues to expand
globally while investing in its home base in Israel.
"The group's strong performance in the past year is the
outcome of long-term processes executed outside Israel in the
last decade in the international coffee segment and in
the international dips and spreads operation," said Gadi Lesin,
chief executive of Strauss.
"The Israeli market continues to pose a challenge, and
accordingly, we have persevered with innovation ... while
executing dozens of internal streamlining processes."