TEL AVIV, Aug 25 (Reuters) - Israeli food maker Osem Investments said on Sunday its second-quarter net profit rose 4 percent, boosted by higher sales due to the timing of the Passover holiday and a decline in administrative expenses.
Osem, 58.8 percent owned by Swiss food company Nestle , posted quarterly net profit of 90.1 million shekels ($25.1 million), compared with 86.7 million a year earlier.
Revenue rose 7.9 percent to 1.06 billion shekels due to the timing of the Passover holiday, when Osem’s domestic sales usually dip. This year the holiday fell in the first quarter while last year it occurred in the second quarter.
It also attributed the improved profitability to deeper penetration of Nestle products, an expansion into new activities in Israel and abroad, new products and efficiency measures.
$1 = 3.59 shekels Reporting by Tova Cohen