TEL AVIV, March 20 (Reuters) - Israeli food maker Osem Investments posted a 13 percent rise in quarterly net profit as sales were boosted by new products and the timing of the Jewish holiday season.
Osem, 58.8 percent owned by Swiss food company Nestle , said on Wednesday fourth-quarter net profit rose to 76.2 million shekels ($20.7 million) from 67.5 million a year earlier.
Osem said the rise was due to deeper penetration of Nestle products, an expansion into new sectors in Israel and abroad and steps to boost efficiency and cut costs.
Sales rose 7.5 percent to 1.01 billion shekels due to the timing of the Jewish holiday season, which in 2012 occurred in the fourth quarter rather then in the third, as well as the penetration of new products.
$1 = 3.69 shekels Reporting by Tova Cohen