IAI announces record profits
15 March 2002
Israel Aircraft Industries' (IAI) net profit in 2001 reached a record high of $101 million, as compared to $84 million in 2000, an increase of 20 percent. These figures include a capital gain of $28 million from the sale of Galaxy Aerospace, IAI's business jet subsidiary, to Gulfstream.
Mr. Moshe Keret, President and CEO of Israel Aircraft Industries, reported the results to the company's Board of Directors. The Board chaired by Gen. (res.) Ori Orr, reviewed and approved the results of the 2001 financial statements in its March meeting.
In 2001, IAI signed new contracts worth $2.88 billion, as compared to $2.6 billion in 2000, an increase of 11 percent. Backlog for the end of 2001, reached a record high of $3.8 billion.
Company sales in 2001 were $2.09 billion, as compared to $2.19 billion in 2000, a decrease of 4.5 percent.
Exports in 2001 were approximately $1.60 billion, as compared to $1.69 billion in 2000, a decrease of 5 percent.
IAI's financial figures also include the financial figures of Elta Electronics Ltd., a wholly owned subsidiary of IAI. Elta's net profit (before tax) in 2001 reached $14.8 million, as compared to $23.8 million in 2000, a decrease of 38 percent.
Elta's sales for 2001 reached $386 million, as compared to $460 million in 2000, a decrease of 16 percent.
Elta's exports in 2001 reached approximately $320 million, as compared to $388 million in 2000, a decrease of 18 percent.
In 2001, Elta signed new contracts worth $365 million, as compared to $500 million in 2000.
Ori Orr, Chairman of the Board said, "2001 was a difficult year, in which IAI had to act in a harsh business environment that made it difficult for the company to continue its momentum of growth it enjoyed in the last several years. The company achieved new records in net profit, in new o…
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