Strauss Q1 Earnings Down

Leading Israeli food and drink company Strauss Group has reported Q109 net income of ILS74mn (US$18.5mn) and organic year-on-year (y-o-y) sales growth of 6.3%. Although the firm's income dropped (Q108 net income was ILS84mn) and sales grew by a more restrained 1.2% to ILS1.52bn y-o-y on a reported basis, BMI notes that last year's net income was bumped up by a one-off capital gain attributed to its joint venture with PepsiCo - the pair acquired hummus maker Sabra; while the disparity between organic and reported sales reflects the volatile exchange rate environment Strauss has had to endure (Israel's shekel currency

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