Ben-Gurion International Airport, Israel - Elta Electronics Industries Ltd. (Elta), a wholly owned subsidiary of Israel Aircraft Industries Ltd. (IAI), completed the first nine months of 2000 with a net profit before tax of $ 21.5 million, as compared to $ 16.2 million, in the comparable period last year, an increase of 33 percent.
This was reported by Mordechai Shmuely, president of Elta, to the Board of Directors of the Company, under the leadership of Mr. Moshe Keret, Chairman of the Board of Elta, and President and CEO of Israel Aircraft Industries.
Elta?s reported total sales during the first nine months of the year reached
$ 354 million, as compared to $ 295 million during the same period in 1999, an increase of 32 percent.
Elta?s export sales grew, as well, during the first three quarters of the year reaching $ 298 million, as compared to $ 226 million during the same period in 1999, an increase of 32 percent.
During the first nine months of the year, Elta increased its internal investments in research and development. The total reached $ 14.5 million, as compared to $10.8 million during the same period in 1999, most of which is invested in the development of innovative products and supporting technologies in the military field. This represents an increase of 34.2 percent, as compared to the same period last year.
Since the beginning of the year, Elta signed new contracts worth $ 463 million. Total backlog reached $862 million at the end of September 2000.
Elta, a specialist in military intelligence and in development and production of radar systems, electronics warfare and communication systems for airborne, maritime and ground defense applications, sells more than 75 percent of its products to more than 40 countries.
With its highly advanced, state-of-the-art technologies Elta is capable of competing and is currently involved in competitions with the leading companies in the world, in its fields of expertise, for international bids.
For more information, contact:
Managing Director, Elta