Alliance achieves first half, second quarter gains
Alliance Tire Co.´s net income for the first half of the year totaled $3.6 million vs. a loss of $6.7 million suffered during the first six months of 2003.
Alliance´s second quarter net income was $1.2 million vs. a net loss of $1.1. million suffered during the same period in 2003. The second quarter of 2004 represented Alliance´s second successive quarter of positive net income after 11 successive quarters of losses.
"If in the first quarter we thought it was early to talk about a turnaround, the second successive profit quarter pinpoints the fact that Alliance is experiencing financial growth," says Alliance Chairman Israel Tchetchik.
The Hadera, Israel-based specialty tiremaker´s second quarter revenues grew 23% to $31.6 million. The company also has experienced substantial increases in its export business, including 144% growth in exports to Latin America during the first half.
Alliance officials credit gains to internal structural changes, expanding worldwide markets, and other factors.