Electra posts higher revenue, lower profit

Itamar Deutscher Photo: PR
Itamar Deutscher Photo: PR

CEO Itamar Deutscher: The company's business grew in all sectors.

Electra Ltd. (TASE: ELTR), managed by CEO Itamar Deutscher, today reported that its revenue rose from NIS 1.2 billion in the first quarter of 2016 to NIS 1.4 billion in the first quarter of this year, a 16% increase. Most of the rise is attributed to construction and infrastructure projects in Israel and the services and maintenance sector.

Electra's net profit fell from NIS 41 million in the first quarter of last year to NIS 32 million in the first quarter of 2017, a 22% drop. Operating profit was down 15% to NIS 59 million. Profit in the corresponding quarter last year included an NIS 18.5 million one-time profit on the sale of land in Rishon Lezion.

Electra's work backlog grew from NIS 9.8 billion at the end of 2016 to NIS 10.4 billion as of March 31, 2017.

Deutscher said, "The Electra group began the year with growth in its business. Our orders backlog continued to grow, exceeding the NIS 10 billion mark. Growth in all sectors of the group's activity resulted from reinforcement of the company's leading position in its markets, expansion of its overseas activity, and the successful assimilation of the business we acquired last year. We also continued to enhance our activity in the residential market."

Published by Globes [online], Israel Business News - www.globes-online.com - on May 21, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Itamar Deutscher Photo: PR
Itamar Deutscher Photo: PR
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