Payroll and manpower management solutions company Hilan Tech Ltd. (TASE: HLTC) today published its financial report for the second quarter of 2007, which that the company posted double digit growth for both the quarter and the first half of the year.
Hilan posted NIS 32.1 million revenue for the second quarter, a 5% increase over the corresponding quarter in 2006. Revenue for the first half of the year also increased by 5% to NIS 67.2 million.
Gross profit totaled NIS 13 million for the second quarter, 13% higher than in the corresponding quarter. Operating profit rose 26% to NIS 7.48 million. Net profit for the second quarter rose 26% to NIS 5.23 million, and by 19% to NIS 12.47 million for the first half of the year.
Hilan Tech CEO Avi Baum said, "This is the seventeenth quarter in which we shown an increase in all areas of company activity. We have added new customers, expanded our operations with existing ones, and launched new lines of business including the development of an actuarial system, and complementary products for pension management and others. We now have NIS 120 million in cash as a result primarily of the NIS 100 million bond issue we held in May, and we are now looking at a number of acquisition options that will expand our business activity base."
Published by Globes [online], Israel business news - www.globes.co.il - on August 15, 2007
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