Alliance Tire returns to profit in 2004

Hadera, Israel--Israeli tyre maker, Alliance Tire has returned to profit after four years of net losses. The company reported a net profit of US$ 900 000 in the 12 months to December 2004, compared with a net loss of $13.1 million a year earlier. Operating profit was $9.5 million in 2004, up by a factor of seven, while gross profits were reported as $31.1 million, up from $20,4 million a year earlier.

Revenues also increased, to o $129.3 million, compared with $99.7 million in 2003. Local market sales grew 7.0% to $31 million, representing 24% of total sales. Overseas sales continued to grow at a faster rate of 39%, to $98.3 million.

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Press release listing from Alliance