Israeli food maker Osem Investments said on Sunday its first-quarter net profit edged up 1 percent, boosted by efficiency measures and a decline in financing expenses.
Osem, 58.8 percent owned by Swiss food company Nestle , posted quarterly net profit of 94.59 million shekels ($25.6 million), compared with 93.65 million a year earlier.
Efficiency measures taken by the company focused on cost savings in production.
Revenue fell 1.4 percent to 1.01 billion shekels due to the timing of the Passover holiday this year, which hurt domestic sales. Overseas sales fell 3.7 percent due to currency fluctuation and as the company stopped the sale of certain products abroad.
