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ELECTROCHEMICAL INDUSTRIES (FRUTAROM) LTD. REPORTS SECOND QUARTER AND SIX MONTHS RESULTS

 ELECTROCHEMICAL INDUSTRIES (FRUTAROM) LTD.
 REPORTS SECOND QUARTER AND SIX MONTHS RESULTS
 ACRE, Israel, July 30 /PRNewswire/ -- Electrochemical Industries (Frutarom) Ltd. (AMEX: EIF) today reported results for the second quarter and six months ended June 30, 1992.
 During the first half year of 1992, the main plants of the Acre complex operated at full capacity. Production of SPVC, the main product of the company, increased by 12 percent compared with the same period last year. Rising prices of some of the main raw materials during the period under review, affected the operating results in spite of a moderate price increase of SPVC as compared with the last quarter of 1991.
 Consolidated sales for the first half year 1992, reached NIS 147.3 million (US $60.3 million) -- of which NIS 72.5 million (US $29.7 million) for the second quarter -- as compared with NIS 154.6 million (US $63.3 million) for the same period last year.
 The net income for the first half year 1992 amounted to NIS 3.4 million (US $1.4 million) -- of which NIS 2.9 million (US $1.2 million) occurred in the second quarter (including a decrease in provision for deferred taxes on income mainly due to benefits as an "Approved Enterprise") -- as compared with NIS 1.6 million (US $661 thousand) in the same period last year.
 The present investment program amounting US $24.5 million which was approved as of 1989, is in its final stages.
 In May 1992, an investment program in the magnitude of US $50 million was approved by the investment center as an "Approved Enterprise." This program is a continuation of the present one and its main object is to increase production of all grades of PVC by about 25 percent.
 As part of the company's policy to extend its activities to down stream products, the company reached, in the beginning of July 1992 an agreement with Paltov Ltd., a fully owned company by Kibbuts Ramat Yohanan, for the acquisition of equipment for the production of PVC sheets in England.
 In the course of July 1992, Durham Plastic Ltd. was established to conduct the above activity and production is planned to commence in August 1992.
 The company's investment in the above venture is about $1.5 million. Expected sales turnover for the first year of the new U.K. company is about $4 million.
 Consolidated sales of Frutarom Ltd., a fully owned subsidiary of the company, for the first half of 1992, amounted to NIS 31.8 million (US $13.0 million) which is an increase of 37 percent over the same period last year, NIS 23.2 million (US $9.5 million). Consolidated sales for second quarter of 1992 amounted to NIS 15.7 million (US $6.4 million).
 Based on the company's prospectus, published on Feb. 20, 1992, the company issued to the public debentures (Series 5) linked to the US$ at a nominal value, in the amount of NIS 27 million. The debentures bear an annual floating rate interest of US Dollar Libor plus 3.1 percent (fixed by tender). The debentures offered to the public were issued at a price of 100 percent of their nominal value together with options for debentures (Series B) which were fully exercised on May 26, 1992.
 During the second quarter of 1992, the company's board of directors met twice and its Audit Committee met once.
 ELECTROCHEMICAL INDUSTRIES (FRUTAROM) LTD.
 Condensed Consolidated Balance Sheet
 (adjusted for changes in the rate of exchange
 of the US$ to the Israeli currency, US $1 - NIS 2,444
 as at June 30, 1992)
 Period ended 6/30/92 12/31/91
 US $000 NIS 000 NIS 000
 (unaudited) (audited)
 Assets
 Current assets 45,333 110,794 98,422
 Deposits and long
 term investments 31,472 76,918 44,498
 Fixed assets - net 59,037 144,286 146,461
 Deferred expenses 3,558 8,696 7,088
 Total - current assets 139,400 340,694 296,469
 Liabilities and shareholders' equity
 Current liabilities 30,697 75,024 67,005
 Long term debt 38,083 93,075 56,989
 Provision for deferred
 taxes on income
 and other 11,105 27,141 29,516
 Convertible debentures 19,395 47,401 48,296
 Shareholders' equity 40,120 98,053 94,663
 Total 139,400 340,694 296,469
 ELECTROCHEMICAL INDUSTRIES (FRUTAROM) LTD.
 Consolidated Statement of Operation
 (adjusted for changes in the rate of exchange
 of the US$ to the Israeli currency, US $1 - NIS 2,444
 as at June 30, 1992)
 Six months
 Adjusted NIS 000 US $000
 (unaudited)
 Period ended June 30 1992 1991 1992 1991
 Total sales 147,253 154,590 60,251 63,253
 Income (loss) from
 operations
 before financing 3,908 3,842 1,599 1,572
 Financing expenses - net 2,625 2,886 1,074 1,181
 Income (loss) after
 financing 1,283 956 525 391
 Income (loss) before taxes
 on income 1,496 2,158 612 883
 Total taxes on income
 (tax benefit) (1,894) 543 (775) 222
 Net income for the period 3,390 1,615 1,387 661
 Net income per NIS 1
 nominal value NIS 0.14 NIS 0.07 $0.06 $0.03
 ELECTROCHEMICAL INDUSTRIES (FRUTAROM) LTD.
 Consolidated Statement of Operation
 (adjusted for changes in the rate of exchange
 of the US$ to the Israeli currency, US $1 - NIS 2,444
 as at June 30, 1992)
 Three months
 Adjusted NIS 000 US $000
 (unaudited)
 Period ended June 30 1992 1991 1992 1991
 Total sales 72,535 69,732 29,679 28,532
 Income (loss) from
 operations
 before financing 2,003 (1,487) 820 (608)
 Financing expenses - net 1,914 1,757 783 719
 Income (loss) after
 financing 89 (3,244) 37 (1,327)
 Income (loss) before taxes
 on income 583 (1,968) 239 (805)
 Total taxes on income
 (tax benefit) (2,299) (450) (940) (184)
 Net income for the period 2,882 (1,518) 1,179 (621)
 Net income per NIS 1
 nominal value NIS 0.12 NIS (0.06) $0.05 $(0.03)
 -0- 7/30/92
 /CONTACT: Sefi Donner of Electrochemical Industries, 972-4-851497/
 (EIF) CO: Electrochemical Industries (Frutarom) Ltd. ST: IN: SU: ERN


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Date:Jul 30, 1992
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