G. Willi-Food to post revenue increase for year
January 17, 2008
by FoodBusinessNews.net Staff
YAVNE, ISRAEL — G. Willi-Food International Ltd. said it expects an approximately 31% increase in revenue for fiscal 2007 compared with the previous year. In addition, it expects around a 46% increase in revenues for the fourth quarter compared with the same period of the previous year.
"For the period, we achieved impressive top-line results while in an extremely difficult operating environment," said Zwi Williger, president and chief operating officer. "We continue to monitor the dairy situation and look forward to launching our brand of premium kosher dairy products globally once raw milk prices stabilize. For now, we are seeking pathways to mitigate the risks of fluctuating commodity prices by diversifying our business verticals, entering new geographical markets and leveraging our infrastructure in the most efficient means possible."
The Gold Frost subsidiary expects its gross and net profit for the year ended Dec. 31 to fall below expectations as a result of weather, reduced milk production and cessation of E.U. dairy export subsidies. Due to uncertainty in the dairy market, the subsidiary said outlook in 2008 is unclear.
The company also is postponing previously announced discussions to acquire a 51% majority interest in a Russian dairy distributor until global dairy prices stabilize. The company said there is no guarantee the transaction will close. However, the company is expecting closing on Shamir Salads.