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Israel's Strauss Q3 profit, revenue rise

TEL AVIV Nov 22 Israeli food company Strauss Group reported a 7 percent rise in quarterly net profit on Tuesday, boosted by higher sales of coffee.

Strauss, a maker of snacks, fresh foods and coffee, reported adjusted net profit of 92 million shekels ($23.8 million) in the third quarter, up from 86 million a year earlier. Revenue edged up 6.1 percent to 2.1 billion shekels.

Strauss is the second-largest company in the Israeli food and beverage sector.

"In Israel, our home base, we continued to have high growth rates in contrast to the market trend and we reduced prices for our core products," said chief executive Gadi Lesin.

Coffee revenue grew 9 percent to 955 million shekels in the third quarter as operating profit jumped 76 percent.

Sales at its international dips and spreads joint ventures with PepsiCo fell 1.1 percent.

Separately, Strauss said a recall of Sabra spreads in the United States this month would hurt operating profit by $5 million. ($1 = 3.8597 shekels) (Reporting by Tova Cohen)

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