BMW sales rise in Israel

BMW importer Kamor Motors continues its relationship with Dan Halutz, who quit in 2010 to enter politics.

BMW importer Kamor Motors Ltd. (TASE: KMRS) is a beneficiary of the improved economic conditions. The company's revenue rose to NIS 714 million in 2010, 9% more than in 2009, and it swung to a net profit of NIS 4.7 million in 2010 from a net loss of NIS 6.5 million in 2009.

Kamor Motors is the licensed importer of BMW and China's Chery cars to Israel, Bulgaria and Serbia, and the licensed importer to Israel of Dunlap tires. The company sold 1,113 BMWs in Israel in 2010, 13% more than in 2009. BMW sales in Bulgaria rose 30% to 445 cars.

Former Kamor Motors CEO (Lt.-Gen. res.) Dan Halutz resigned in September 2010, after three years in the job in order to enter politics. He received a management fee of NIS 82,000 a month, and salary of NIS 1.5 million for the entire year, including a NIS 484,000 bonus.

The car importer and the former IDF chief of staff continue working together following his resignation. In January 2007, Kamor Motors and Halutz founded Kamor Aviation Ltd., in which Kamor owns 21.25% and Halutz owns 15%. The company imports business jet, light aircraft, and helicopters. It is the Israeli representative of Cessna Aircraft Company and Enstrom Helicopter Corporation. The company is profitable.

Kamor Ltd. (TASE: KMOR) owns 64.2% of Kamor Motors. Kamor Motors' share price rose 0.2% by midday today to NIS 8, giving a market cap of NIS 102 million.

Published by Globes [online], Israel business news - www.globes-online.com - on March 10, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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