dor chemicals logo 88.
(photo credit: )
Dor Chemicals released its earnings for the first time in nine months on Monday as profits jumped four-fold in the first three quarters of 2005 compared to the same period last year.
The Haifa-based company was previously prevented from publishing its results because its sale of subsidiary Treofan to the banks in February was not completed until September 30. It was therefore required to include Treofan results in its accounting, which it did not have access to, and was consequently unable to provide its own financial results.
Excluding the effect of the losses incurred in the third quarter from its Treofan investment, Dor's net profit rose 286 percent to NIS 20.2 million for the nine months ended September 30, 2005, from NIS 5.2m. in the period last year. Revenues were NIS 241.4m., showing a growth of 20% from last year.
"The company is in a good position and had very impressive results," said Rimon Ben Shaoul, Chairman of Dor Chemicals. "The growth has come as a result of a restructure at the company and a decision to focus on our core business."
Ben Shaoul added that the rise in oil prices over the year also contributed to profits.
The company said, however, that it recorded a loss of NIS 197.1m. on the Treofan deal in the third quarter.
Dor Chemicals reduced its stake in troubled Treofan from a controlling 51% to its current stake of 5% as the banks took on EU91m. of Treofan's debt in exchange for 92% shares in the Frankfurt-based company. Dor Chemicals has the option to purchase a further 8.6% in the company within the next four years.
Dor Chemicals operates in two divisions - its chemicals unit and its plastics division.