Africa-Israel Investments Ltd. (TASE:AFIL) contracting arm Danya Cebus Ltd. (TASE: DNYA) today published its financial report for the first quarter of 2010. The company's net profit rose to NIS 24.1 million (NIS 0.85 per share) for the first quarter from NIS 15.4 million for the corresponding quarter of 2009.
Revenue fell to NIS 345.7 million for the first quarter from NIS 498.2 million for the corresponding quarter. Construction revenue totaled NIS 291.5 million for the first quarter, 84% of total revenue, down 25% from NIS 388.8 million (78% of total revenue) for the corresponding quarter.
Overseas projects accounted for 29% of revenue in the first quarter.
During the first quarter, Danya Cebus completed the restructuring of its Russian operations and strengthened its headquarters. It is now building four large-scale projects in the country, including projects for Africa-Israel.
Danya Cebus increased its orders backlog to NIS 2.24 billion at the end of March from NIS 1.8 billion at the end of 2009. The company also increased its cash and cash equivalents to NIS 339.8 million from NIS 283.7 million over the same period.
Danya Cebus CEO Ronen Ginsburg restructured the company's management immediately upon assuming his job six months ago. He said, "The first quarter results and our large orders backlog demonstrate that the company's restructuring was a success. Danya Cebus is now at an excellent starting point to realize opportunities in 2010 in both residential construction and infrastructures, in both Israel and overseas."
Africa-Israel, controlled by chairman Lev Leviev, owns 73% of Danya Cebus. Danya Cebus's share was unchanged at NIS 11.59 in early trading today, giving a market cap of NIS 329 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 10, 2010
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