Printer Friendly

ELECTROCHEMICAL INDUSTRIES (FRUTAROM) LTD. REPORTS FIRST QUARTER RESULTS FOR 1993

 ACRE, Israel, May 14 /PRNewswire/ -- Electrochemical Industries (Frutarom) Ltd. (AMEX: EIF) today reported results for the first quarter of 1993.
 The company's consolidated net loss for the first quarter of the year amounted to US$0.9 million compared to a net profit of $0.2 million for the corresponding period last year and a net profit of $2.1 million for the year 1992.
 The company's consolidated sales totaled $28.6 million compared to $30.6 million for the same period last year and $120.5 million for the year 1992. The low PVC prices continued to affect the company's sales and its operational results.
 The new venture, established with Paltov Ltd. in the United Kingdom, for the manufacture of down-stream products, proves satisfactory. Sales for the first quarter amounted to $0.9 million against $0.7 million for the last quarter of 1992.
 The results of Frutarom Ltd., a fully owned subsidiary of EIF, manufacturer of flavors, spices and fragrances for the food, beverage and other industries, were improved substantially, and increased by 12.1 percent. The consolidated sales of the subsidiary reached $7.4 million compared to $6.6 million for the same period last year. The consolidated sales for the year 1992 totaled $25.5 million.
 EIF management took strict administrative measures in order to curtail expenses in view of the depressed PVC world prices. These measures include a reduction in personnel and other steps to improve efficiency. In the course of negotiations with the workers committee, the Acre plant was closed down for a period of 13 days. On May 2, 1993, an agreement was reached and the operation of the plants was resumed. These actions will entail a one-time payment to realize the retirement agreement. The company's management anticipates that the measures taken will result in saving of operational expenses and will improve the company's status.
 Electrochemical Industries (Frutarom) Ltd. manufactures and markets: chemicals, raw materials, flavors and fragrances for a wide variety of industrial applications. As one of Israel's leading firms, EIF is the country's sole producer of PVC, which it markets both domestically and overseas.
 -0- 5/14/93
 /CONTACT: Sefi Donner of EIF, in Israel, 011-972-4-85-1555/
 (EIF)


CO: Electrochemical Industries (Frutarom) Ltd. ST: IN: CPR SU: ERN

GK-CK -- NY032 -- 8582 05/14/93 11:12 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 14, 1993
Words:385
Previous Article:STAGE II APPAREL REPORTS FIRST QUARTER RESULTS
Next Article:LINCORP HOLDINGS, INC. REPORTS FIRST QUARTER FINANCIAL RESULTS
Topics:


Related Articles
ELECTROCHEMICAL INDUSTRIES (FRUTAROM) REPORTS 1991 FINANCIAL RESULTS
ELECTROCHEMICAL INDUSTRIES (FRUTAROM) LTD. REPORTS YEAR-END RESULTS FOR THE YEAR 1992
ELECTROCHEMICAL INDUSTRIES (FRUTAROM) LTD. REPORTS SIX-MONTH RESULTS FOR 1993
ELECTROCHEMICAL INDUSTRIES (FRUTAROM) LTD. REPORTS SECOND QUARTER AND SIX MONTHS 1994 RESULTS
ELECTROCHEMICAL INDUSTRIES (FRUTAROM) LTD. (EIF) REPORTS ON THE RESULTS OF THE COMPANY FOR THE THIRD QUARTER OF 1994
ELECTROCHEMICAL INDUSTRIES (FRUTAROM) LTD. CLARIFIES REPORT ON CONTINUATION OF PVC PLANT INVESTMENT
ELECTROCHEMICAL INDUSTRIES (FRUTAROM) LTD. (EIF) REPORTS ON THE RESULTS OF THE COMPANY FOR THE THIRD QUARTER OF 1995
ELECTROCHEMICAL INDUSTRIES (FRUTAROM) LTD: RESULTS OF THE COMPANY FOR THE YEAR ENDED DECEMBER 31, 1995
ELECTROCHEMICAL INDUSTRIES (FRUTAROM) LTD. ANNOUNCES RESULTS
Electrochemical Industries (Frutarom) Ltd. (EIF) Announces Results

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters