Monday, Hadera Paper Ltd. (AIP) posted a higher third-quarter profit, as net sales improved year-on-year.
The Hadera, Israel-based paper-making and recycling company's third-quarter net earnings attributable to shareholders rose to NIS 35.4 million from NIS 20.2 million last year and earnings per share were NIS 7.0, higher than NIS 3.98 a year ago.
Net sales for the third quarter increased to NIS 220.37 million from NIS 171.39 million in 2008.
Third-quarter aggregate sales amounted to NIS 790.4 million compared with NIS 823.9 million last year, decreasing 4%. Aggregate data includes the results of all the companies in the Hadera Paper Group, including Mondi Hadera Paper Ltd. and Hogla-Kimberly Ltd.
Nine-month net earnings attributable to the company's shareholders rose to NIS 70.2 million from NIS 59.5 million last year, while EPS was NIS 13.86, higher than NIS 11.73 last year.
Net sales increased to NIS 654.4 million from NIS 447.2 million last year, representing an increase due mainly to the consolidation of the data of Carmel and Frenkel C.D. in the reported period.
The aggregate sales during the nine-month period amounted to NIS 2.41 billion compared with NIS 2.44 billion last year, representing a decrease of around 1.4%.
The company's share in the profits of associated companies totaled NIS 63.9 million during the reported period compared with NIS 36.6 million in 2008.
Hadera's share in the net income of Mondi Hadera Paper rose by NIS 2.4 million, primarily from an increase in the operating profit of Mondi, that grew from NIS 27.4 million last year to NIS 28.9 million this year. Hadera's share in the net earnings of Hogla-Kimberly Israel increased by NIS 15.6 million. Hogla-Kimberly's operating profit grew from NIS 126.6 million to NIS 155.0 million this year.
The Company's share in the losses of KCTR was reduced by NIS 7.8 million.
Friday, AIP closed regular trading session at $61.35 on a volume of 2,000 shares on the AMEX.
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