Thursday, March 24, 2011

Israel Aerospace Q4 Profit Up 68 Percent

State-owned Israel Aerospace Industries (IAI) reported a 68 percent jump in its quarterly net profit on Wednesday on higher sales of both military and civilian products.
IAI posted fourth-quarter net profit of $14 million, compared with $8 million a year earlier.
Sales rose 12 percent to $849 million -- $628 million of which were to the defence sector.
Exports, which account for more than 80 percent of sales, grew 15 percent to $671 million.
IAI said its backlog of orders rose by $1 billion in 2010 to $8.9 billion.
It noted that growth of sales to the commercial market grew 19 percent in 2010 to reflect a gradual recovery from the global financial crisis.
IAI said it was continuing to prepare for its eventual privatisation by the Israeli government. (Reporting by Steven Scheer; Editing by Louise Heavens)
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