Israel Aerospace Industries' fourth quarter sales fell 3% to $849 million.
Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1) posted $826 million revenue for the fourth quarter of 2011, down 3% from the $849 million revenue for the corresponding quarter of 2010. The company attributed the decline to the Ministry of Defense's instruction to IAI subsidiary Elta Systems and Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) subsidiary Elop not to supply advanced LOROP intelligence gathering systems to the Turkish Air Force.
IAI's net profit fell to $1 million for the fourth quarter from $14 million for the corresponding quarter. Full-year net profit fell to $83 million in 2011 from $94 million in 2011.
Revenue rose to $3.44 billion in 2011 from $3.15 billion in 2010. 78% of the company's sales were to foreign customers.
Published by Globes [online], Israel business news - www.globes-online.com - on March 29, 2012
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