Ofra Strauss, Chairperson of Strauss Group, said today, "Strauss Group continues to expand globally while successfully navigating today's challenging business environment. We continue to develop the key foundations for our long term growth, investing in the development of new areas which will serve as the Company’s future growth drivers."
Gadi Lesin, President & CEO of Strauss Group, said today, "Our results for the first six months clearly highlight our ability to successfully stand up to the current global challenges; Strauss has succeeded in meeting its pre-defined targets, preserving sales levels while improving both its operating profit and cash flow. Our strict control of expenses and our ongoing efforts to reduce inventory and working capital has resulted in a dramatic improvement in our operating cash flow."
SIX MONTH 2009 FINANCIAL HIGHLIGHTS:
• Sales totaled NIS 3.0 billion, similar to 2008;
• Sales, net of exchange rate impacts, increased 4.4%;
• Pro-forma operating profit increased 1.9% yoy reaching NIS 270 million;
• Pro-forma net profit increased 1.7% yoy to NIS 134 million;
• Strong cash generation: Operating cash flow improved as a result of decrease in inventory and improved working capital. Operating cash flow totaled NIS 280 million compared to NIS 1 million last year.
