Israeli food maker Osem Q2 net profit falls 10 pct
Israeli food maker Osem Investments said on Sunday its net profit for the second quarter fell 10 percent due to higher financing costs and lower sales.
Osem, 63.7 percent owned by Swiss food company Nestle , reported a net profit of 88.3 million shekels ($22.5 million) for the quarter, down from 98.2 million a year earlier. Quarterly sales slipped 1.2 percent to 1.01 billion shekels due to a new way of accounting for sales discounts to retailers, the company said. Osem had net financing expenses of 8.6 million shekels in the quarter compared with financing income of 2.3 million a year earlier when it had debt repayment.
