Ford and Mazda importer Delek Automotive Systems Ltd. (TASE: DLEA) today reported higher revenue and sales for the first quarter of 2010, compared with the corresponding quarter of 2009, but also saw a drop in its market share.
Delek Auto's revenue rose to NIS 1.09 billion for the first quarter from NIS 1.03 billion for the corresponding quarter of 2009. Net profit rose to NSI 161 million for the first quarter from NIS 90 million for the corresponding quarter.
Delek Auto delivered 9,706 cars in the corresponding quarter compared with 9,494 in the corresponding quarter. Mazda deliveries rose 27% to 7,889 cars in the first quarter from 6,169 cars in the corresponding quarter, but Ford deliveries fell 45% to 1,817 cars from 3,325. As a consequence, Delek Auto's market share fell to 19% of all 50,213 vehicles delivered in the first quarter from 24% of all 38,653 vehicles delivered in the corresponding quarter.
Delek Auto will distribute a NIS 205 million dividend in June.
Yitzhak Tshuva-controlled Delek Group Ltd. (TASE: DLEKG) owns 54.8% of Delek Auto. Delek Auto's share price rose 2.5% by midday to NIS 47.12, giving a market cap of NIS 4.2 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on May 10, 2010
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