Food, sweets and coffee company
Elite Industries (TASE: ELEI) today reported a substantial climb in quarterly net profit, up to NIS 6.1 million from NIS 1.1 million in the parallel. Elite, which is controlled by the Strauss family, said that operating profit was NIS 8.8 million, up 182% from the parallel quarter. The second quarter is traditionally a weak one for seasonal reasons, Elite said. The results therefore are indicative of a real improvement, a trend that began in the first quarter. Second-quarter sales inched up 3% from the parallel quarter to NIS 487.4 million. Broken down, sales at home were NIS 255.4 million down 9% from the parallel, compared with NIS 232 million for Elite International. Home sales generated an operating profit of NIS 13.3 million, but sales overseas generated an operating loss of NIS 4.6 million. For the first half, domestic sales were down 9% to NIS 610.4 million, due to slower movement to the institutional and defense sector, due to the recession. Elite International sales sprouted by 23% in the second quarter because of the sharp drop in the value of the shekel against the euro. For the first half of 2002, Elite International reported revenues of NIS 427.2 million, up 8% from the same quarter of 2001. But in euro terms, second-quarter sales slumped by 22% from the parallel quarter, while in terms of volume, sales eroded by 2%. First-half profits were NIS 32 million, up 9% from the parallel, when it netted NIS 29.3 million.