Elta, the wholly owned electronic warfare subsidiary of Israel Aircraft Industries, has reported a pre-tax profit of $15 million for last year - up 83% on 1997. Sales totalled $348.3 million for the 12 months, against the previous year's $270.3 million.
While the figures for the year were good, the radar and early warning systems manufacturer saw its order backlog slip to $795 million from $850 million. Orders received totalled $305 million, less than half the level of the previous year, when the figures stood at $620 million. Despite the order setback last year, managing director Moti Shmuely was upbeat over prospects for this year, forecasting growth across all sectors.
Source: Flight International