Super-Sol shares rose 6.1% on strong second-quarter report
Chain netted NIS 37 on turnover of NIS 2.36 billion; Clubmarket still losing money
Shares in Super-Sol shot up 6.1% on the Tel Aviv Stock Exchange on heavy turnover, after the supermarket chain today reported an upswing in results for the second quarter and first half of 2006.
Second-quarter sales reached NIS 2.36 billion, said Super-Sol, which belongs to the IDB group. That was an increase of 42% against the parallel quarter, when sales were NIS 1.66 billion.
It netted NIS 37 million but had to admit that Clubmarket, the bankrupt supermarket chain Super-Sol bought from the Borovich family, is still losing money. In fact Clubmarket dragged down Super-Sol's bottom line by NIS 12 million.
In the parallel quarter of 2005, Super-Sol netted NIS 10 million.
First-half sales amounted to NIS 4.311 billion, of which NIS 729 million were posted by Clubmarket.
Super-Sol netted NIS 53 million in the first six months of 2006, after the NIS 22 million first-half loss of Clubmarket.