Wednesday May 14, 01:33 PM
Orpak Systems Q1 net profit down 61 pct on weak dollar, marketable securities
LONDON (Thomson Financial) - Orpak Systems Ltd. on Wednesday said first-quarter net profit declined 61 percent, hurt by a weakening dollar and a loss incurred in its marketable securities, but that it is acting to stop earnings from falling.
First-quarter net profit to March 31 fell to $0.7 million, against $1.7 million a year earlier, but the company said the loss in marketable securities was partially recovered in April.
First-quarter operating profit rose 12 percent to 1.5 million on a 27 percent increase in revenue to $15.1 million.
The company, which provides card-free secure fuel payment systems based on vehicle identification, said swift action has been taken to address the impact of current challenging financial markets.
Chief executive Hayim Kohen said: 'We remain confident of delivering further revenue growth in the second quarter and full year, as well as a solid improvement in profits in the current quarter and the second half of this year.'
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