G. Willi Food-International Ltd. (WILC: Quote) Thursday said its profit for the first quarter declined from last year, due mainly to lower margins.
The Yavne, Israel-based company reported a first-quarter net profit of $1.30 million or $0.10 per share, compared to $1.74 million or $0.13 per share last year.
Based on Israeli Shekel, profit for the quarter dropped to 4.8 million or 0.37 per share, from 6.0 million or 0.45 per share last year.
Total revenues for the quarter was $19.83 million compared to $20.22 million in the prior-year quarter. However, based on Shekel, revenues for the quarter grew 4.6 percent to 73.7 million from 70.4 million last year.
For the quarter, gross margins decreased to 21.3 percent from 25.6 percent in the year-ago quarter.
The company expects the decline in its gross margins to continue in the second quarter of 2012.
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by RTT Staff Writer
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