November 20, 2019 / 7:19 AM / 17 days ago

Israeli foodmaker Strauss Q3 net profit up 6.5%

TEL AVIV, Nov 20 (Reuters) - Israeli foodmaker Strauss Group said third-quarter net profit rose 6.5% as strength in its home market and water and coffee divisions outweighed the impact of a firmer shekel on overseas sales.

Strauss, a maker of snacks, fresh food and coffee, posted on Wednesday adjusted net profit of 153 million shekels ($44 million) in the July to September period, up from 144 million a year earlier. Revenue rose 4% to 2.24 billion shekels, or 6.1% excluding foreign exchange effects.

“The appreciation of the shekel against most currencies continued to negatively impact our international operations in the current quarter, perpetuating the trend in prior quarters,” Strauss Chief Executive Giora Bardea said.

Coffee sales rose 1.8% from a year earlier to 986 million shekels, or 5.1% excluding foreign exchange effects. Strauss is one of the market leaders for roast and ground coffee in central and eastern Europe and Brazil.

Sales at its international dips and spreads joint venture with Pepsico fell 1.3% but were up 5.7% excluding exchange effects. Sales in Israel grew 7.4% while Strauss Water sales increased 5.4%.

Strauss is the second-largest company in the Israeli food industry and its market share in the quarter rose to 11.7% from 11.4% a year earlier.

$1 = 3.4605 shekels Reporting by Tova Cohen, Editing by Ari Rabinovitch

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