Formula Systems Q1 Profit Rises

5/10/2012 3:57 PM ET

Formula Systems (1985) Ltd. (FORTY: Quote) Thursday said its profit for the first quarter increased, driven mainly by a double-digit growth in revenues.

The Or Yehuda, Israel-based company reported a first-quarter net profit attributable to shareholders of $7.80 million or $0.56 per share, compared to $4.18 million or $0.30 per share last year.

Total revenues for the quarter grew 14 percent to $178.31 million from $155.92 million in the prior-year quarter.

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