Alliance reports 23 percent sales growth in Q1

Hadera, Israel - Alliance Tire Co. reported a 23 percent growth in sales for the first quarter of 2007. First-quarter sales reached US$45.6 million (€34 million), compared to $37.1 million in the same quarter of 2006. First-quarter net profit was down slightly at $1.4 million compared to net profit of $1.6 million in the first quarter of 2006. Operating profit was $3.7 million, or 8.1 percent, of sales, compared to 4.5 percent of sales ($1.7 million) in the first quarter of 2006.

Alliance said its exports sales represented 78.7 percent of total sales, and generated $35.9 million in the first quarter, up from $29.4 million in the fisame period a year ago.

European orders for agricultural tyres accounted for 72.1 percent percent of the exports, or $25.9 million. Exports to Europe grew by 31.4 percent in the first quarter.

Joseph Anglister, chief executive, credited the growth in operating profit to high volumes of orders, while high productivity kept cost-per-ton down. “We are investing in enlarging our range of products, introducing more sizes and developing even more high-tech tyres to serve the valuable agricultural, OTR and forestry markets,” Anglister said.

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