HADERA, Israel, August 10 /PRNewswire-FirstCall/ -- Hadera Paper Ltd.
(AMEX:AIP) (the 'Company' or 'Hadera Paper') today reported financial results
for the second quarter and first six months ended June 30, 2009. The Company,
its subsidiaries and associated companies, is referred to hereinafter as the
'Group'.
Since the Company's share in the earnings of associated companies
constitutes a material component in the Company's statement of income
(primarily on account of its share in the earnings of Mondi Hadera Paper Ltd.
('Mondi Hadera') and Hogla-Kimberly Ltd. ('H-K'), before the presentation of
the consolidated data below, the aggregate data which include the results of
all the companies in the Hadera Paper Group (including the associated
companies whose results appear in the financial statements under 'earnings
from associated companies') is being presented, without considering the rate
of holding therein and net of mutual sales.
Aggregate sales during the reported period amounted to NIS 1,618.8
million, similar to the level of aggregate sales last year.
Aggregate sales in the second quarter this year amounted to NIS 788.8
million, as compared with NIS 771.0 million in the corresponding period last
year, and as compared with NIS 830.0 million in the first quarter of the year.
Aggregate operating profit totaled NIS 118.0 million during the reported
period, as compared with NIS 111.3 million in the corresponding period last
year.
Aggregate operating profit totaled NIS 54.1 million in the second quarter
of the year, as compared with NIS 51.5 million in the corresponding quarter
last year, and as compared with NIS 63.9 million in the first quarter of the
year.
The Consolidated Data set forth below excluding the results of operation
of the associated companies: Mondi Hadera, H-K. Consolidated Data include the
sales turnover of Carmel Containers Systems Ltd. ('Carmel') and Frenkel- C.D.
Ltd. ('Frenkel- C.D.') that were consolidated as of September 2008, as a
result of the fact that the holding rate in Carmel has increased from 36.2%
to 89.3%, and at Frenkel C.D., indirectly, from 37.93% to 52.72%.
Commencing January 1, 2009, the Company applies IFRS 8, 'Operating
Segments', and has accordingly recognized the packaging products and board
segment, which includes the operations of Carmel and Frenkel C.D., as a
separate segment. The associated companies H-K and Mondi Hadera were also
recognized as independent segments. For further details, see page 4 below.
Consolidated sales in the reported period amounted to NIS 434.0 million,
as compared to NIS 275.8 million in the corresponding period last year,
representing an increase which was due mainly to the first-time consolidation
of the data of Carmel and Frenkel C.D. in the reported period, in the amount
of approximately NIS 240.1 million.
Consolidated sales in the second quarter, amounted to NIS 204.1 million,
as compared with NIS 133.3 million in the corresponding quarter last year.
Operating profit totaled NIS 13.9 million during the reported period, as
compared with NIS 30.1 million in the corresponding period last year.
