Frozen foods and baked goods maker Sunfrost Ltd. (TASE: SNUF) today published its financial report for the second quarter of 2007. The company posted an increase in both operating and net profit despite a drop in revenue to NIS 62 million from NIS 64 million for the corresponding quarter of 2006.
Sunfrost posted an operating profit of NIS 5.6 million (9% of revenue) for the second quarter compared with NIS 4.5 million (7% of revenue) for the corresponding quarter. Net profit rose 46% to NIS 3.4 million for the second quarter from NIS 2.3 million for the corresponding quarter.
The company’s frozen food business generated NIS 32 million revenue, 53% of total revenue, and its baked food business generated NIS 30 million, 47% of total revenue, 4% more than for the corresponding quarter.
Sanfrost is meeting the challenge of rising demand for healthier foods, replacing the margarine used in its baked goods with margarine that is low in trans-fats. The company has also launched a line of healthy low-fat bourekas (Balkan cheese pastries) made with whole wheat flour, under the “Motti Health” label. The company’s strategy appears to be working.
Published by Globes [online], Israel business news - www.globes.co.il - on August 23, 2007
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