OR Technologies Ltd. (TASE:ORTC) today published its financial report for the first quarter of 2009. The developer and manufacturer of fuel retail payment and the vehicle fleet management solutions is not suffering from the slump in the global car industry. The company's net profit attributable to shareholders rose 15-fold to NIS 6 million for the first quarter from NIS 407,000 for the corresponding quarter of 2008.
Revenue rose 18.5% to NIS 66.4 million for the first quarter from NIS 56.1 million for the corresponding quarter.
The company attributes most of the growth to subsidiary Orpak Industries (1983) Ltd. (AIM:ORPK), which makes automated payment terminals for gas stations. The company also gained from currency fluctuations.
OR Technologies has two other wholly-owned subsidiaries: Transway Ltd., which develops, manufactures and markets management and control systems for public transport systems; and TrackTec Ltd., which develops integrated solutions for automatic vehicle location (AVL), fleet management and driver diagnostics.
OR Technologies was founded in 2001, and is run by chairman Tanhum Oren and CEO Alexander Milner. Formerly Rapac Technologies, it was spun off from Rapac Communication and Infrastructure Ltd. (TASE: RPAC).
ORT's share rose 3.6% by early afternoon to NIS 24.50, giving a market cap of NIS 135 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 20, 2009
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