Plasson Sales Rising

ISRAEL - Plasson Industries achieved double-digit revenue growth and maintained operating profitability according to its second quarter results.
calendar icon 2 September 2008
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Kibbutz Maagan Michael's Plasson Industries, which makes specialised plastic fittings and poultry coop accessories, is reaping the fruits of streamlining measures, according to Haaretz.

Although the company's second quarter financial reports show a decline in net profits, from 16.8 million new shekels (ILS) in the second quarter of last year to ILS13 million this year, Plasson achieved double-digit revenue growth and maintained operating profitability.

Plasson develops and manufactures technical plastic products for communication lines, and gas and liquid pipelines, and accessories for the poultry industry, including food and water delivery systems.

The company's second quarter revenues rose 18.5 per cent to ILS239 million, thanks to increased sales volume. Export sales grew by 19.1 per cent to ILS215 million, while domestic sales rose by almost 13 per cent to ILS24 million.

Gross profitability declined by 2 per cent due to price hikes for raw materials, and the continued erosion of sales due to the appreciation of the shekel. Still, operating profits rose 19.6 per cent to ILS24.2 million, compared to ILS20.2 million in the parallel, and operating profitability remained stable at 10.1 per cent.

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