ISRAEL: Delta Galil records second quarter income boost
Israel-based underwear manufacturer Delta Galil posted a second-quarter net income increase on the back of strong sales.
The company said today (9 August) that net income, before capital gains and one-time items, increased 9% to US$6.1m over the quarter ended 30 June. Sales increased 6% to $169.1m over the period.
The company's performance in the quarter reflected the strong business with our biggest customers, which drove solid top-line growth, especially in the US market," said CEO Isaac Dabah.
"In the second half of this year, we expect to benefit from our investment in Schiesser Group, an acquisition that we completed on 2 July 2012, which gives us an even greater presence in branded products and in new global markets."
The company said it has increased its full-year estimates, expecting net income to increase 20-26% to $33-34.5m on the previous year. It expects sales to rise 19-21% to $810-820m.
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