Israeli distributor reports financial figures

G Willi-Food International Ltd, an Israel-based food distributor, has reported its audited financial results for the fourth quarter and for the year ended Dec 31, 2002.

Total sales for the three months ended Dec 31, 2002, decreased by 12% to NIS 26,148,000 (US $5,520,000) from NIS 29,686,000 (US $6,267,000) for the same period in 2001. Gross profit for the 2002 fourth quarter fell 39% to NIS 2,566,000 (US $542,000) from NIS 4,228,000 (US $893,000) for the same period in 2001. The gross profit represents 10% of total sales for 2002's fourth quarter, versus 14% for the same period in 2001.

Total sales for the year ended Dec 31, 2002, dipped by 3% to NIS 131,346,000 (US $27,728,000) from NIS 135,577,000 (US $28,621,000) for the same period in 2001. Gross profit for 2002 receded 8% to NIS 28,277,000 (US $5,970,000) from NIS 30,644,000 (US $6,469,000) for 2001. The gross profit represents 22% of the total sales for 2002 compared with 23% for 2001. Net income for 2002 declined 18% to NIS 7,192,000 (US $1,519,000) from NIS 8,797,000 (US $1,857,000) for 2001.