Ace Auto Depot Ltd. (TASE:ACDP) published its financial report for the second quarter of 2008 today. The auto parts and DIY chain posted NIS 203.4 million revenue, up 32% on the NIS 154 million for the corresponding quarter in 2007. Most of the increase was generated by brisk trade over the Passover holiday. Net profit was unchanged at NIS 6.5 million.
Ace Auto Depot now has a chain of 34 DIY stores under the ACE brand, 10 of which also include a branch of the Auto Depot vehicle components chain. The group also operates a further six Auto Depot branches separately.
Earlier this year, Ace Auto Depot signed a memorandum of understanding with Czech company City Car Spol SRO, under which the two companies will jointly market vehicle parts and related products under the Auto Depot brand.
ACE Auto Depot CEO Cobi Moysa said that European retail chains were only just beginning to enter the Czech Republic, despite it having a larger GDP per capita than Israel. The potential market there was concentrated in seven cities with a population of more than 75,000 each, he added.
Published by Globes [online], Israel business news - www.globes-online.com - on August 26, 2008
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