HADERA, Israel (July 14, 2004) — Alliance Tire Co. Ltd. turned a net profit in the first quarter, its first profitable quarter in four years.
Alliance's profit for the quarter ended March 31 was $2.3 million on sales of $32.1 million, compared with a $5.5 million loss a year earlier on sales of $23.6 million. Operating profit increased to $3.2 million from $162,000.
Alliance President Joseph Anglister said the firm's improved performance was helped by greater export sales—both to new customers and expanded business with existing ones—and cost efficiency measures.
Chairman Israel Tchetchik emphasized that the positive figures result from the successful implemention of the strategic business plan despite the increase in worldwide raw materials costs.