By Sara Toth Stub
JERUSALEM -- Israeli food maker Osem Invstments Ltd. (OSEM.TV)
said Sunday that its third-quarter profit grew slightly despite
earlier worries about a strong shekel eating into its
export-dependent bottom line.
Osem said its net profit for the July-September period was 101.8
million shekels ($26.4 million), up slightly from 101 million
shekels in the same period of 2013. Sales revenue was 1.13 billion
shekels, up from 1.08 billion shekels.
For the past year, Osem and many Israeli companies dependent on
exports have been saying a stronger shekel is making exports less
competitive abroad. But due to Israel's central bank cutting its
benchmark interest rate to a record low level of 0.25% over the
summer, and the general strengthening of the dollar world-wide,
companies' worries about the exchange rate have lessened.
Osem, partly controlled by Nestle SA, manufactures snacks,
pasta, spices and other food products for the local and
international markets.
Trading had not yet started at 0655 GMT Sunday, but shares of
Osem closed up 0.45% at 7.087 shekels on Thursday in a higher
market.
Write to Sara Toth Stub at realtimedesklondon@dowjones.com
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