Elta Systems Ltd., a wholly owned subsidiary and group of Israel Aircraft Industries, Ltd. (IAI) announced yesterday that its orders backlog to date has reached $2.4 billion.
Total new orders received by Elta in 2005 have now reached $680 million and the company expects an additional $230 million in new orders by the end of 2005.
Elta's sales for the first half of 2005 reached $337.5 million, compared to $261.7 million in the same period last year, an increase of 29%.
Elta's net profit (before tax) for the first half of 2005 was $8.5 million, compared with $8 million in the same period last year. The company predicts annual net profit of $25 million in 2005.
In his presentation to Elta Systems' board of directors, IAI corporate VP and Elta Systems Group president Israel Livnat said, "The financial results in the first six months of 2005 reflect Elta's steady growth, which has averaged fourteen percent for the past four years in a row.
"New orders are a result of Elta's increased activities in the homeland security, advanced early warning systems and electronic warfare systems markets.
"A significant milestone is Elta's program to modify the Israel Air Force Gulfstream G5 aircraft to an airborne signal intelligence (SIGINT) and airborne early warning (AEW) system. The aircraft, designated the 'Nachshon', is the first of several to undergo this type of modification and will help solidify Elta's position as a leading intelligence systems house.
"Elta will continue to expand its base of activity in the global markets through the establishment of joint ventures and affiliated companies."
Published by Globes [online], Israel business news - www.globes.co.il - on Wednesday, September 07, 2005