Maman Profit Climbs Despite Plunging Income From Cargo Terminal

Despite a 58% slide in revenues from its cargo terminal, Maman Cargo Terminals & Handling (TASE: MMAN) reported netting NIS 9.5 million for the first half of 2006, an increase of 5% against the same period of 2005.

Its second-quarter net amounted to NIS 7 million, an increase of 74.7% against the parallel quarter of 2005.

Maman chairman Nehama Ronen explained that the increase in profit resulted from higher profit at the subsidiaries, including one being consolidated for the first time, and GHI, which provides ground services to airlines.

Ronen explained that Maman had bought out Lufthansa's 50% interest in GHI.

The new company is Archive Jerusalem, which was purchased by subsidiary Archive 2000, which is one of Israel's biggest information storage and archiving companies.