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Strauss reports flat sales for third quarter

Food manufacturer Strauss Group yesterday reported middling results for the third quarter of 2009. Revenues eroded by 1.5% to NIS 1.62 billion. But gross profit increased 4% to NIS 611 million, the company said, thanks to currency hedging gains. During the parallel quarter Strauss posted a capital gain of NIS 180 million after selling 25.1% of its subsidiary Strauss Coffee: If that is deducted, then operating profit increased by 27% year over year to NIS 159 million, after the company cut operating costs. In any case net profit shrank 75% against the parallel quarter of 2008, to NIS 62 million. (Tal Levy)
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Knesset members take on bank fees

Do you hate paying your bank service fees? You may, just maybe, not be alone. A rainbow coalition of 12 Knesset members from coalition and opposition yesterday proposed a bill to entirely abolish fees on regular banking transactions, such as check deposits and money transfers. Last week the Israel Consumer Council began a drive to demand legislation to abolish the fees, after 700,000 Israelis signed a petition against the charges. In 2008, the banks' collective income from fees came to NIS 900 million. (Barr Hayoun)

IDB Development rewards the talent

As IDB Holding yesterday reported a net profit of NIS 296 million for the third quarter, compared with a loss of NIS 89 million a year earlier, subsidiary IDB Development revealed bonuses to the talent. Lior Hannes, an executive vice president at IDB Development, is getting NIS 2.85 million. Haim Gavrieli, another VP, is getting NIS 1.5 million, and top money man Eyal Solganik is getting a million. (Tal Levy)

Deutsche likes Israel Discount Bank

Deutsche Bank thinks Israel Discount Bank is the best investment prospect among Israeli banks. In a review of the international banking sector, analyst Dan Harverd predicted that Israeli banks would focus on the domestic market this year and pursue conservative risk policies. The Israeli banks' balance sheets reflect a period of post-trauma with high levels of liquid assets sitting in deposits at the Bank of Israel. The bottom line is that as the banks tiptoe, their potential to increase return on equity is small, Harverd wrote. From the start of the year Discount Bank stock has gained 138%. (Eti Aflalo)

Frutarom revenues edge down in Q3

Chemical company Frutarom this week reported a 7% drop in revenues for the third quarter of 2009 to $112 million, though in shekel terms revenues fell only 1.6% year over year. Operating profit contracted by 11% against the parallel quarter to $13.3 million, said Frutarom, while net profit actually increased by 6% to $10 million. That is because of a sharp drop in financing costs, from $2.5 million in the parallel quarter of 2008 to $85,000 in the third quarter, in part because of loan repayments. The drop in revenues was attributed mainly to unfavorable exchange rates. When the global economic crisis erupted,Frutarom acted to tighten its business focus and strengthen its competitive edge, as well as to improve its operating efficiency and cut costs - without compromising its R&D, the company said. (Vadim Sviderski)

Mercantile profits jump as provisioning falls

Mercantile Discount Bank yesterday filed its third-quarter financials, showing a 50% increase in net profit from a year earlier to NIS 60 million. For the first nine months of 2009 the bank reported a more modest 15% increase in profit to NIS 158 million. One reason for the jump was a drop in doubtful-debt provisioning to NIS 23 million, down 41% from the parallel quarter. Return on equity in the first nine months was 13.5% and the bank's capital adequacy ratio stood at 12.9% at the quarter's end. (Eti Aflalo)

Blue Square sales inched down in Q3

Retail giant Blue Square Israel, which is controlled by the Alon group, reported a net profit of NIS 29.6 million for the third quarter, compared with NIS 12 million in the same period of 2008. Operating profit contracted 2% to NIS 59 million, equivalent to 3.1% of turnover, Blue Square said. Sales also shrank by 0.6% to NIS 1.9 billion. (Yoram Gabison)

Paz revenues fall 31% to NIS 3.4 billion in Q3

Paz Oil yesterday reported a 31% drop in revenues for the third quarter to NIS 3.4 billion because of the sharp drop in the price of the fuels it sells and because fuel consumption in Israel diminished. However, a tax credit helped the company lift its net profit 7% year over year to NIS 246 million. Paz also reported a 16% increase in sales of its Yellow chain of convenience stores, compared with a year earlier. (Vadim Sviderski)

Telefonica Peru buys Gilat Satellite systems

Telefonica del Peru is buying a SkyEdge II broadband satellite communications network from Gilat Satellite Networks. The network covers more than 3,500 rural sites, Gilat said. Telefonica del Peru is a subsidiary of Telefonica Latinoamerica. The system enables access to high-speed Internet service including streamed video content. (TheMarker)
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