Eltek reports $9.9 revenues in Q2 2016

10 August, 2016

The Israeli company’s sales in Israel shrank, while US sales grew. CEO Yitzhak Nissan expands his holdings in the company to 56.5%

The Israeli company’s sales in Israel shrank, while US sales grew. CEO Yitzhak Nissan expands his holdings in the company to 56.5%ELTEK

In the first half of 2016, Elteks revenues totaled $19.7 million, a slight decline compared to revenues of $20.1 million in the first half of 2015. The Israeli  Q2 2016 sales declined by 5% compared to the same period last year to $9.9 million. The company’s net profit amounted to $213K. Eltek CEO Yitzhak Nissan said that the revenues reflect the continued competition in the Israeli market for high end products. “We remain focused on growth in the global markets, which we expect will continue to have a positive effect on our revenues,” Mr. Nissan concluded.

Two months ago, Nissan purchased additional Eltek shares for $580K. Following the investment, Nissan’s holdings in the company grew from 50.5% to 56.6%. According to Nissan, the purchase of further shares is a manifestation of his long term commitment to the company and its future.

In 2015 Eltek’s revenues declined by 11.3%, totaling $41.4 million. In contrast to the declining revenues, Eltek’s gross profit grew by 15.8% that year, totaling $1.5 million. More importantly, last year (2015), the company broke the profitability barrier for the first time, reporting a net profit of $1 million, compared to a net loss of $2.7 million in the year before.

Eltek is a global manufacturer and supplier of technologically advanced solutions in the field of Printed Circuit Boards specializing in the manufacturing of complex PCB’s such as HDI and High-End flexibleand semi flexible multilayered PCB’s. Eltek (NASDAQ: ELTK) is ISO-9100, NADCAP and ITAR certified.

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