Alliance turns first profit after four years of losses
Hadera, Israel-based specialty tire manufacturer Alliance Tire Co. posted a net profit of $900,000 in 2004 after four consecutive years of losses, including a net loss of $13.1 million in 2003.
Alliance's 2004 gross profits grew to $31.1 million in 2004 versus $20.4 million in 2003. Its operating profit increased to $9.5 million, "seven times higher than in 2003," according to Alliance officials.
The tiremaker achieved revenues of $129.3 million last year, a $29.6 million gain over previous-year levels.
"Local market sales grew 7% to $31 million, representing 24% of total sales. Overseas sales continued to grow at a faster rate of 39% to $98.3 million." Alliance. which exports to more than 60 countries, is experiencing record sales in both North and South America.
"The improvements we saw in 2004 reflect Alliance's greater efficiency, expansion into new markets, and opportunities to serve key markets that are experiencing tight supplies," says Alliance President Yossi Anglister.