Second production line in China boosts Avgol

Inaugurating a second production line in China helped Avgol achieve record results in 2011, though profit suffered in the last quarter of the year. The company, which makes nonwoven textiles for diapers and the like, reported a 10.6% increase in revenues for the quarter against the parallel in 2010, to $80 million. Operating profit grew 23% year over year, to $11.8 million. Quarterly net profit shrank 8% to $5 million, Avgol reported, mainly due to taxes; in the fourth quarter of 2010, in contrast, the company received a tax refund. Avgol reported a record turnover for 2011, up 19% from 2010, to $330 million. Operating profit increased by 16% to $41.3 million, and net profit grew 12% to $22.7 million. Company chieftain Shlomo Liran attributed the double-digit growth to the new production line in China. (Vadim Sviderski )

Source:  www.haaretz.com

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