Supermarket chain Supersol (NYSE:SAE) today posted NIS 52 million net profit for the third quarter.

Its Q3 profit was 34% more than in the corresponding quarter of 2000, when it netted NIS 39 million.

Third-quarter revenue rose to NIS 1.69 billion, 8% more than in the parallel quarter of 2000. Most of the gain was due to the launch of new branches. During the quarter Supersol opened one Hyper-Netto and two Cosmos centers. It also converted a Supersol branch to a Hyper-Netto center and a Hyper-Netto center to a Cosmos center.

Same-store third-quarter sales dropped 4.3% compared with the same period last year a slide the company explained by the opening of new outlets and increasing competition, as well as the general slowdown.

Gross profit for the third quarter rose to NIS 450 million, 9.5% higher than in the same period of 2000. Gross profit comprised 26.9% of revenue, compared with 26.5% in the third quarter last year. Supersol explains that it increased in-house distribution, imprved inventory management and also saw growth in private-label sales.

Operating profit for the third quarter rose to NIS 85 million, 13.9% more than in the parallel quarter of 2000, when operating profit came to NIS 74 million.

For the first nine months of the year Supersol netted NIS 143 million, 14% more than in the same period of 2000.