G. Willi-Food International Ltd. Announces Unaudited Consolidated Earnings Results for the Second Quarter Ended June 30, 2017
August 30, 2017 at 09:00 am EDT
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G. Willi-Food International Ltd. announced unaudited consolidated earnings results for the second quarter ended June 30, 2017. For the quarter, sales remained substantially unchanged year-over-year, with a decrease of sales of 0.2% to ILS 76.4 million from ILS 76.6 million recorded in the second quarter of 2016. Operating income decreased by 120.9% to an operating loss of ILS 1.6 million compared to operating income of ILS 7.9 million in the second quarter of 2016. Income before taxes was ILS 1 million compared to income before taxes of ILS 10.3 million recorded in the second quarter of 2016. Net profit was ILS 1.6 million or ILS 0.12 per share, compared to ILS 7.7 million or ILS 0.58 per share, recorded in the second quarter of 2016. Net cash from continuing operating activities was ILS 7,044,000 compared to ILS 13,580,000 a year ago. Acquisition of property plant and equipment ILS 1,282,000 compared to ILS 803,000 a year ago.
For the six months, the company's sales decreased by 0.3% to ILS 159.7 million compared to sales of ILS 159.2 million in the first half of 2016. Operating income decreased by 68.4% to ILS 5 million from ILS 15.8 million reported in the comparable period of last year primarily due to the decrease of gross profit and increase of selling expenses. Income before taxes decreased by 59% to ILS 6.8 million compared to ILS 16.7 million recorded in the first half of 2016. Net income decreased by 53% to ILS 5.8 million or ILS 0.44 per share, from ILS 12.5 million or ILS 0.94 per share, recorded in the first half of 2016. Net cash used in continuing operating activities was ILS 36,270,000 compared to net cash from continuing operating activities of ILS 13,741,000 a year ago. Acquisition of property plant and equipment ILS 1,593,000 compared to ILS 1,681,000 a year ago.
G. Willi-Food International Ltd. is a holding company. The Company is engaged directly and through subsidiaries, in the development, import, export, marketing and distribution of a range of over 600 food products around the world. The principal products in the import segment product line include Canned Vegetables and Pickles, Canned Fish, Canned Fruit, Edible Oils, Dairy and Dairy Substitute Products, Dried Fruit, Nuts and Beans, and Other Products. Its brands include Willi-Food, Gold-Frost, Gold Food, Tifeeret, Donna Rozza, Completa, Raskas and Del Monte, among others. The Company's products are marketed and sold to approximately 1,500 customers throughout Israel and outside of Israel. The Company's customers generally fall within one of the two groups, including retail supermarket chains in the organized market, and private supermarket chains, mini-markets, wholesalers, food manufacturers, institutional consumers, such as catering halls, hotels, hospitals and food producers.
G. WILLI-FOOD INTERNATIONAL LTD. 
