Subscribe to Print Edition | Fri., November 21, 2008 Cheshvan 23, 5769 | | Israel Time: 02:50 (EST+7)   Back to Homepage web haaretz.com Haaretz Toolbar Diplomacy Defense Jewish World Opinion National Print Edition Car Rental Books Haaretz Magazine Business Real Estate GA 2008 Travel Week's End Anglo File

Markets in Brief It wasn't an easy quarter for VocalTec. Revenues continued to fall though losses narrowed at the voice-over-Internet pioneer, once the great hope of Israeli high-tech. Third-quarter revenues were $1.4 million, down from $1.7 million a year earlier. Operating costs were steady at $2.7 million. VocalTec posted a net loss of $1.8 million or 25 cents per share, compared with a loss of $2.1 million or 28 cents in the parallel quarter. At the quarter's end it had $8.8 million in cash. But CEO Ido Gur says the company's financial situation will help it overcome the slowdown in the industry and market. The company is planning a reverse stock split to rectify its status as a "penny stock," trading at about 21 cents per share, and faces delisting from Nasdaq. (Nir Zalik) After some delays, the drug distribution company Chemipal has set up a joint venture in Georgia (the former Soviet republic) with Ponto Group and Ponto Star, called PSC (Property) JCS. The Israeli company owns 50% of the venture and will be lending it 825,000 lari (about NIS 2.2 million) to buy land on which to set up shop. (TheMarker) Advertisement Hilan Tech, which provides computer and manpower management services, reported an upswing in results for the third quarter and the first nine months of 2008. Quarterly revenues increased 48% from a year earlier to NIS 48.6 million. For January-September revenues rose 60% to NIS 160.5 million, thanks to consolidation with We!, which Hilan Tech acquired (80%) at the end of 2007. The purchase, however, increased general and marketing costs 55% to NIS 28.3 million for the quarter, but quarterly net profit rose 66% to NIS 4.7 million and for the nine months, profit increased 44% to NIS 18.2 million. (Michael Rochvarger) The Israel Aerospace Industries board of directors has authorized management to buy back up to 20% of the bonds the company issued in June 2007, as a show of confidence in the company. Its quarterly results show that IAI is feeling the pain of the global financial crisis. Revenues increased 9% from a year earlier to $877 million, but its gross profit dropped from $127 million to $117 million. Management and general costs rose from $39 million to $48 million and severance costs rose from $6 million to $16. Consequently, net profit fell 60% from $40 million to $16 million. (Ora Coren) The board of directors at Strauss Group subsidiary Sabra U.S. (50%) has approved the establishment of a new plant to produce Sabra salad products in Virginia, at a total cost of $68 million. Of that, $61 million is a capital investment, Strauss says. The new plant is expected to begin production some time in 2010. (TheMarker) Itzik Cohen has stepped down as chief executive of Metis Capital and will be replaced by Moni Harel from December 1. Cohen apparently plans to go into business for himself. Harel is currently the vice chairman of Metis and a co-owner of Ofakim Capital, which controls Metis. Metis in turn owns a stake in Subaru importer Japanauto, which it's trying to sell to David Azrieli's company Granite Hacarmel. (Yuval Maoz) Africa Israel Properties warns that because the escalating financial crisis has lowered the value of its assets in Europe, based on third-party appraisals, it will have to write down the value of its properties and inventory of apartments in its third-quarter report. Their market valuation is lower than their book value at this point, Africa Israel Properties says. It therefore expects to post a third-quarter loss in the range of NIS 105 million to NIS 125 million, based on the information at hand to date, it says. (TheMarker) Flavor and fragrances maker Frutarom is doing rather better: Third-quarter revenues increased by 37% year over year to $120 million, and net profit increased 162% to $9.4 million. The strong euro played in the company's favor, without which sales would have increased by only 31%. During the second half of 2007 Frutarom bought four companies, which also boosted sales: Operating income for the quarter increased by 80% to $15 million, the company said. (Nathan Sheva) Biomedix Incubator says its subsidiary Cure Investments has invested $125,000 in VVT Med, which is developing treatments for varicose veins and venuous insufficiency. VVT has filed for patent protection for its technology. (TheMarker) Bookmark to del.icio.us   The King is dead Archeologists find new evidence for King Herod's tomb site. Al-Hasbara Israel launches Arabic YouTube channel to bypass Arab media.

Read & React Israel to boycott 'Durban II' anti-racism conference Responses: 154 Latest poll gives Likud big edge over Kadima Responses: 84 Peres: Evacuation of settlements may lead to civil war Responses: 69 IAEA: Syria site bombed by Israel bore features of nuclear reactor Responses: 101 Defense Min. turns blind eye as Israelis sell arms to enemies Responses: 28 More Headlines 00:10 Hebron settler mob caught on video clashing with IDF troops 23:25 Experts argue: How close is Iran to its first nuclear weapon? 23:41 Livni vows Kadima won't 'sell' Israel to the ultra-Orthodox 20:42 IDF troops foil attempted stabbing attack near Nablus 23:57 Arise Sir Shimon: Peres receives honorary knighthood from Britain's Queen 19:18 Qassam hits Negev as Ashkelon residents protest Gaza rockets 20:52 Record Number of Jews slated for next U.S. Congress 02:43 Restoration of Lebanon synagogue in danger despite rare Hezbollah support 18:49 Barak: West must unite with Russia, China against Iran 22:02 Hezbollah to Iraqi lawmakers: Reject 'damaging' U.S. pact 23:52 Tel Aviv stocks suffer sharp losses; TA-25 sheds 4.9 percent 22:38 Revealed: Police used mole to probe sex for favors case at gov't ministry 17:17 Nobel laureate Maguire: UN should suspend Israel membership 21:01 Michael Jackson to testify over Bahraini sheik's $7m lawsuit 23:08 IDF envisions army of animal robots for rescue missions, military ops Previous Editions Select Day 20 nov 19 nov 18 nov 17 nov 16 nov 14 nov 13 nov 12 nov 11 nov 10 nov 09 nov 07 nov

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