Teva generates NIS 1.13 billion profit in first quarter
Teva nets NIS 1.13 billion in 1st Qtr
Largest drug firms turn biggest profit during first quarter of 2005, while El Al and 12 other TASE-traded firms mark losses
Teva Pharmaceuticals made a profit of over NIS 1 billion during the first quarter of 2005, marking the highest increase among companies traded on the Tel Aviv Stock exchange.
The largest firms, including Teva, netted increases of NIS 7.4 billion (USD 1.7 billion) despite a slow growth of NIS 1.5 billion (USD 340 million) during the beginning months of last year, officials said on Wednesday.
Teva (Nasdaq: TEVA) turned a NIS 1.13 billion (USD 256 million) profit in early 2005, in contrast to its loss of NIS 1.87 billion (USD 423 million) in the first quarter of 2004. Perrigo Pharmaceuticals (Nasdaq: PRGO) marked a profit of NIS 80 million (USD 22 million).
Bank Hapoalim’s gains skyrockted from NIS 153 million (USD 34 million) in the first months of 2005 to NIS 926 million (USD 209 million). Avner Oil marked an increase of NIS 21 million (USD 4.7 million) – up from a NIS 1.3 million (USD 294,800) fall in early 2004.
Voice technology firm Audiocodes netted a NIS 13 million (USD 2.9 million) increase, while data communications company Orchit generated a profit of NIS 13.8 million (USD 3.1 million) as opposed to its NIS 23.5 million (USD 5.3 million) fall early last year.
Thirteen firms reported losses. El Al Airlines marked a decrease of NIS 80 million (USD 22 million) this quarter – the sharpest among all TASE-traded companies. It turned a profit of USD 20 million (USD 4.5 million) during last year’s first quarter.
Knafayim, which has come to own five percent of El Al since the airline was privatized in 2003, more than quadrupled its losses so far this year by NIS 58 million (USD 13 million).
