Hadera, Israel -- Israel-based Alliance Tire continues to present improvement in its financial results, reporting record sales for the second quarter of 2005. Second quarter sales amounted to US$40.9 million compared to US$31.5 million in the same quarter of 2004, a growth of 29.7 percent.
Total export for the second quarter of 2005 increased at 36.2% to US$ 32.5 million compared to US$ 23.8 million in the first quarter of 2004.
Net income in the second quarter of 2005 grew 278% and amounted to US$4.6 million, compared to US $1.2 million in the same quarter of 2004. In the first half of 2005 the company's net income grew by 280%, totaling US$ 13.8 million. Of that figure, $4.1 million were deferred tax assets, compared to US$3.6 million in the former period of 2004.
Joseph Anglister, Alliance President, said that in light of the growth in exports to Europe and North America, Alliance will continue to invest efforts in developing new products to fulfill these markets special demands and needs. We have found a niche in the flotation and radial tyres that serve agriculture and forestry in these important markets, and have directed increased R&D efforts to continue to put us at the cutting edge of tyre technology in those regions,â€ Anglister said.
Israel (Isia) Tchetchik, chairman of the board of directors, said that the company's marketing efforts, product mix and business conditions fueled the sales growth and profitability.
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