Israeli food manufacturer Osem-Nestlé Israel posted revenues of NIS617.7m (US$140.8m) for the first quarter of 2005, compared with NIS615.7m in the corresponding period in 2004, an increase of 0.3%.

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According to the company’s financial results, a decline in cost of sales boosted Osem’s gross profit margin to 44% from 43.1% for the corresponding quarter. Osem’s operating profit grew to NIS64.9m for the first quarter, compared with NIS57.6m for the corresponding quarter in 2004. Net profit rose to NIS38.4m from NIS34.7m.