Jerusalem, May 26 - Israeli food and beverage maker Strauss Group reported an 11.5 percent drop in quarterly net profit on Tuesday, with the year-earlier period boosted by capital gains.
Strauss, the world's sixth largest coffee firm, posted first-quarter net profit of 74 million shekels ($19 million), compared with a profit of 84 million a year earlier when it recorded a capital gain of 27 million shekels.
Pro-forma net profit rose 22 percent to 80 million shekels.
Analysts were looking for net profit of 73 to 81 million shekels.
Quarterly sales rose 1.2 percent to 1.52 billion shekels, with sales in Israel alone up 2.1 percent to 856 million.
Global sales of coffee grew 5.5 percent to 770 million shekels.
Strauss, a maker of snacks, fresh foods and coffee, is a market leader in roast and ground coffee in central and eastern Europe. It is the second largest coffee company in Brazil, where it has a market share around 14 percent and is either No. 1 or No. 2 across eastern Europe.