Super-Sol’s results boosted by troubles at competitor Mega
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The severe financial problems at Mega supermarkets helped boost the third-quarter financial performance of Super-Sol, the country’s food retailer.
Super-Sol, which is controlled by the IDB group’s Discount Investment Corp., reported a quarterly net profit of 47 million shekels ($12.1 million), compared to a 24-million-shekel loss for the third quarter last year, which had been the first quarter of a streamlining plan. Third-quarter revenues this year remained essentially unchanged at 3 billion shekels, but the company’s gross profits jumped 18% to 739 million shekels or 24.7% of revenues, from 21% a year earlier. The chain reported improved sales per square meter and same-store sales.
At Mega, there have been periodic problems in getting supplies of merchandise and stores have been closed, while Super-Sol itself has closed loss-making stores and has put pressure on suppliers to lower prices. (Yoram Gabison)
Ormat Technologies reports record quarterly revenues as founder retires from board
Rapid progress in the construction of two geothermal projects in Chile and Indonesia allowed Ormat Technologies to achieve fast growth that exceeded revenue forecasts, although the company’s third-quarter profits fell below the midrange of projections.
Quarterly revenues at the energy firm, which is dual-listed on the New York and Tel Aviv stock exchanges, grew by 16.1% compared to the quarter last year, to a record $162.9 million. It expects full-year revenue in the range of $570 million to $585 million.
The company reported third-quarter net income of $72.1 million. Dita Bronicki, who founded the company 51 years ago with her husband and served as Ormat’s CEO for 23 years, announced that she would be stepping down from the board. Ormat shares have climbed 39% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $37.88, a rise of 33% over the past 12 months. (Yoram Gabison and AP)
Sapiens reports higher revenues and operating profits
Sapiens International, the insurance and financial industry software company, reported on Wednesday that it saw double-digit growth in its third quarter revenues and improved operating profits. Revenues increased by 14% over the same quarter last year to $46 million. With foreign currency fluctuations factored out, the revenue increase would be 20%. Sapiens reported adjusted operating profits of $7 million, in contrast to the $4.4 million that it earned for the quarter last year. Adjusted net profits attributable to shareholders jumped by 42% to $5.8 million for the quarter. The Holon-based firm, which is traded on the Nasdaq and Tel Aviv stock exchanges, is controlled by Formula Systems. Its market capitalization has ballooned by 55% over the past year. The company reports that it has 170 clients and a staff of 1,500 employed around the world. Over the past year, the company entered the Polish market and deepened its presence in Asia through the acquisition of a Polish and an Indian company. (Omri Zerachovitz)
TASE shares inch up in Wednesday trading
Shares on the Tel Aviv Stock Exchange moved ever-so slightly higher on the whole in trading on Wednesday.
The Tel Aviv-25 index rose 0.02% to 1,583.00 points and the Tel Aviv-100 index added 0.08%, closing at 1,371.46. Volume was 1.17 billion shekels ($302 million). Shares of the pharmaceutical firm Mylan, which are traded on the Nasdaq exchange, made their Tel Aviv debut on Wednesday, closing 3% higher at 183.00 shekels.
Tadiran Holdings, the air conditioner manufacturer and importer, released third-quarter earnings that were the best in its history, boosted by the heat wave in August and September. Profits were up 90% over the quarter in 2014 to 25.1 million shekels. Tadiran’s stock price rose 2.4% on the day to 47.11 shekels. (Eran Azran)