Ilex Medical Ltd. (TASE:ILX) today published its financial report for the third quarter of 2008, which showed an increase in revenue and profits. Revenue rose to NIS 54.4 million for the third quarter from NIS 53.3 million for the corresponding quarter of 2007. Net profit rose to NIS 6.4 million from NIS 5.2 million.
Ilex posted NIS 155.1 million revenue in January-September, 6% more than in the corresponding period of last year. However, net profit slipped to NIS 17.2 million in January-September from NIS 19.5 million in the corresponding period. NIS 3.7 million in financing expenses was the reason for the decline; the company's operating profit increased.
Ilex Medical sells diagnostic and laboratory kits, mostly for AIDS testing, mostly via affiliates in South Africa, Eastern Europe, and Russia. The company also engages in laboratory computerization. The company attributed its revenue growth to new contracts in South Africa in both its core businesses. However, the shekel's appreciation against the dollar adversely affected the company's results. The new contracts helped offset these losses.
Ilex Medical's share rose 4.6% today to NIS 13.08, giving a market cap of NIS 125 million.
Published by Globes [online], Israel business news - www.globes-online.com - on December 1, 2008
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