Sales Up at IAI, But Strong ollar Hits Profits

Israel Aerospace Industries (IAI) has confirmed its net profit fell from $75m in 2013 to $27m in the year ending December 31, 2014.

However, the MRO, which is headquartered at Tel Aviv’s Ben Gurion Airport, achieved record sales of $3.83bn last year and confirmed its order backlog stands at $9.1bn.

Gross profit rose nine per cent year on year to $571m, while operating income leapt 68 per cent to $141m.

Rafi Maor, IAI chairman, said the decrease in net profits was a result of IAI deferring tax expenses due to the increase in the US dollar exchange rate.

TAGS: Asia
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