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SCOPE Closes a Strong Quarter - Share Jumps 13% - Profit up 41%

 

Summary from Bizportal,
Yossi Fink

 

Today Scope Metals Group published its second quarter financial statements, showing a profit of approximately NIS 21.4 million as compared to NIS 15.2 million in same quarter last year, and increase of 41%, and as compared to NIS 10.5 million the previous quarter, an increase of 104%.

 

Gil Bashan of IBI Investment House stated that the financials were better than expected, and despite the fall in prices of stainless steel, one of the company's lead products.

 

Revenue was NIS 367.7 million as compared to NIS 310.7 for the same quarter last year, an increase of 18%, and compared to NIS 348.3 million for the previous quarter, an increase of 6%.  All growth was organic and despite the increase in the valuation of the shekel as against the dollar.

 

Shmuel Shiloh, Chairman and CEO of the company said: "We completed a record quarter in terms of sales with substantial improvement across the board as compared to the previous quarter.  As we stated in November 2007 of our intention to improve cash flow, we have done so - we see the fruits of our efforts to increase profitability despite the negative impact of the increase in the valuation of the shekel."