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Article: Financing expenses weigh on Bet Shemesh Engines' results: Second quarter profit was halved to NIS 1.2 million, but first half profit was up 61%.
- Article from:
- Globes
- Article date:
- August 13, 2007
CopyrightCOPYRIGHT 2007 Globes. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Aug. 13--Bet Shemesh Engines Ltd. (TASE: BSEN) today published its financial report for the second quarter of 2007. The company's net profit was halved to NIS 1.2 million from NIS 2.4 million for the corresponding quarter of 2006 because the company posted NIS 1.76 million financing expenses compared with NIS 2.24 million in financing revenue for the corresponding quarter.
The company attributed the financing expenses to its dollar-denominated liabilities. The sharp depreciation in the shekel against the dollar late in the second quarter increased the company's dollar liabilities surplus and financing expenses, whereas in the corresponding quarter, the ...