Strauss Group has reported a drop in its first-half profits despite posting a strong increase in sales of its international dips and spreads business.
The Israeli food firm noted sales in its coffee business were lower while revenue was also impacted by foreign exchange.
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For the first half ended 30 June, Strauss reported a profit drop of 5.3% to NIS221m (US$63m). It also posted a decrease in operating profit of 5.5% to NIS370m as a result of increased selling and marketing expenses.
Sales across the business fell 2.7% to NIS3.9bn despite the firm reporting an increase of 9.3% in sales from its international dips and spreads business to NIS170m.
Similarly, dips and spreads sales were up 9.3% to NIS320m in the second quarter of the year. However, second-quarter sales across the business fell 3.3% to NIS1.9bn.
For the second quarter, Strauss reported a 6.3% drop in operating profit to NIS172m and a net income fall of 8.7% to NIS69m.
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By GlobalDataShares in Strauss Group had fallen 2.8% today at NIS6.301 per share at 13:18 BST.
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