May 23, 2018 / 6:50 AM / a year ago

Israeli foodmaker Strauss posts 27 pct rise in Q1 profit

JERUSALEM, May 23 (Reuters) - Israeli food company Strauss Group reported a 27 percent rise in first quarter net profit, boosted by growth in coffee sales and its international dips and spreads business.

Strauss, a maker of snacks, fresh food and coffee, said on Wednesday it earned an adjusted 146 million shekels ($41 million) in the first quarter, up from 116 million a year earlier. Revenue rose 4 percent to 2.17 billion shekels.

Excluding foreign currency effects, organic sales growth was 7.8 percent.

Strauss is the second-largest company in the Israeli food and beverage sector.

Coffee sales grew 2.5 percent to 986 million shekels in the period, with 7.3 percent organic sales growth excluding foreign currency effects. Strauss is one of the market leaders for roast and ground coffee in central and eastern Europe and Brazil.

Sales at its international dips and spreads joint ventures with PepsiCo jumped 13 percent as the business recovered from a hummus recall in 2016 over concerns about listeria. ($1 = 3.5658 shekels) (Reporting by Ari Rabinovitch Editing by Steven Scheer)

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