Alliance Ends First Quarter with $5 million Dollar Net Profit
In the first quarter of 2005 Alliance Tire reported net profits of around $9.2 million including deferred tax assets of around $4 million. Alliance’s first-quarter exports amounted to $29.3 million, a growth of 16.7 per cent over the first quarter of 2004. Sales for the first quarter amounted to $37.6 million compared to $32.1 million the previous year, an increase of 17.1 per cent.
Exports – which represent 78 per cent of Alliance’s sales – were also strong. Company exports increased 16.7 per cent in 2005 to $29.3 million, while domestic sales increased 18.6 per cent in the first quarter compared to the same time in 2004. Production output increased 22.3 per cent in the first quarter of 2005.
“We see a continued increase in the demand for our tyres, which is reflected in an increase of our backlog orders which amounted at $18.2 million, compared to $13.6 million in the first quarter of 2004,” said Joseph Anglister, Alliance president.
“Our active growth and continuing profitability promise to allow us to issue securities on the Israel Stock Exchange, which will help us fund a new gas-fired power station. With electricity and steam from the power station on our factory site, we will be able to improve our efficiency even further,” added Israel “Isia” Tchetchik, Alliance’s chairman of the board.