16 Jul 2004
HADERA, Israel (July 15)--Alliance Tire Co. Ltd. turned a net profit in the first quarter, its first profitable quarter in four years.
Alliance's profit for the quarter ended March 31 was $2.3 million on sales of $32.1 million, compared with a $5.5 million loss a year earlier on sales of $23.6 million. Operating profit increased to $3.2 million from $162,000.
Alliance President Joseph Anglister credited the firm's performance on greater export sales--both to new customers and expanded business with existing ones--and cost efficiency measures.
Chairman Israel Tchetchik emphasized that the positive figures result from the successful implementation of its strategic business plan despite the increase in worldwide raw materials costs.
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