Yavne, Israel-based G. Willi-Food International, an importer and distributer of over 400 food products, has reported total sales of NIS79.56m (US$16.68m) for its H1 ended 30 June 2002, up 11% from NIS71.89m year on year.

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Gross profit for the H1 2002 was up 12% to NIS21.63m from NIS19.33m in the same period in 2001. This figure represents 27% of the total sales for the H1 2002, flat compared to 27% for the same period in 2001.


H1 operating income increased by 19% to NIS11.74m from NIS9.89m for the same period in 2001, and H1 net income was up 6% to NIS7.17m from NIS6.78m for the same period in 2001.


The basic earnings per share (EPS) for the H1 2002 increased by 6% to NIS1.68 from NIS1.58 for the same period in 2001.


Condensed consolidated statements of operations

                                                                
         Adjusted New Israeli Shekels             In US$s
                        6 months            3 months         6 months  3 months
                                ended 30 June                 ended 30 June 
                      2002      2001      2002      2001      2002     2002


    Sales            79,557    71,898    38,955    32,049    16,682    8,168


        
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    Cost of sales    57,930    52,564    29,483    21,744    12,147    6,182



    Gross profit     21,627    19,334     9,472    10,305     4,535    1,986



    Selling expenses  5,144     4,552     2,390     2,785     1,079      501



    General and
     administrative
     expenses         4,741     4,889     2,241     2,322       994      470



    Total operating
     expenses         9,885     9,441     4,631     5,107     2,073      971



    Operating income 11,742     9,893     4,841     5,198     2,462    1,015
    Financial income
    (expenses), net  (2,231)       64    (1,728)     (290)     (468)    (362)
    Other expense, net   (4)       —        —        —        (1)      —



    Income before
     taxes on income  9,507     9,957     3,113     4,908     1,993      653



    Taxes on income   2,341     3,179       362     1,434       491       76



    Net income        7,166     6,778     2,751     3,474     1,502      577



    EPS:
      Basic            1.68      1.58      0.64      0.81      0.35     0.13
      Diluted          1.68      1.58      0.64      0.81      0.35     0.13