Koor Q3 net profit rises 74%

Agrochemicals producer Makhteshim Agan and ECI Telecom continued to increase sales and net profit and the Sheraton Moriah hotel chain made a small net profit for the first time in several years.

Koor Industries' third-quarter net profit rose 74 percent after improved performances at portfolio companies Makhteshim Agan Industries and ECI Telecom. The holding company said on Wednesday that in the three months ending on September 30, net profit rose to $5.2 million from $3m. and earnings per diluted share rose to 31 cents from 18 cents. Agrochemicals producer Makhteshim Agan and ECI Telecom continued to increase sales and net profit and the Sheraton Moriah hotel chain made a small net profit for the first time in several years. However, telecommunications network company Telrad and defense company Elisra made losses. Chief Executive Jonathan Kolber said the company was looking to expand its portfolio. "On the investment front, deal flow is strong, and we are actively pursuing several investment directions as a long-term private equity partner," he said. Nine-month net profit rose to $43.5m. from $27.8m. and diluted EPS rose to $2.63 from $1.70.
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