Sales by Israel Aircraft Industries Ltd. (IAI) subsidiary Elta Electronics Industries Ltd. rose 29% to $337.5 million for the first half of 2005, from $261.7 million for the first half of 2004, Elta CEO Israel Livnat informed Elta chairman and IAI president and CEO Moshe Keret.
Elta posted a net profit of $8.5 million for the first half of the year, compared with $8 million for the first half of last year. The company predicts that it will post a net profit of $25 million for 2005 as a whole, compared with $20.6 million for 2004, an increase of 20%.
Elta has signed contracts worth $680 million since the beginning of 2005, and its orders backlog is now $2.4 billion. It expects to sign contract worth at least an addition $230 million by the end of the year.
Upon publication of the financial report, Livnat said, “The company’s business results for the first half of 2005 reflect a continuation of Elta’s growth, which has averaged 14% a year for the past four years. The company’s large orders backlog ensures that the growth trend will continue over the next three years at least. New contracts signed since the beginning of the year ensure that the growth in Elta’s activities in homeland defense, advanced warning systems, and specialized electronic warfare systems, will continue.”
Published by Globes [online], Israel business news - www.globes.co.il - on September 4, 2005