Dead Sea Works Ld - 2nd Quarter Results

RNS No 3894u
DEAD SEA WORKS LIMITED
6th August 1997
  
 
 
DEAD SEA WORKS LTD (the 'Company')
 
Results for second quarter 1997
 
 
 
Following are the financial results for Dead Sea Works Ltd to 30 June 1997 
on a consolidated basis.
 
The consolidated reports include primarily Dead Sea Magnesium Ltd and 
the Companys share (50 per cent.) in Clearon Corp.
 
Dead Sea Magnesium Ltd began initial production of magnesium at the end 
of 1996.  The plant is continuing run-in procedures.  In April 1997 the first 
shipments of metal magnesium produced by Dead Sea Magnesium Ltd were 
delivered to customers.
 
The consolidated net income of the Company for this quarter was US$12.0 
million, compared to US$9.1 million for the same quarter last year (an 
increase of 33 per cent.).  (Consolidated net income for this quarter included 
net income of US$0.25 million from consolidated subsidiaries.)
 
The consolidated operating income of the Company for this quarter was 
US$23.1 million compared to US$14.6 million for the same quarter last year 
(an increase of 58 per cent.).  (Consolidated operating income for this 
quarter included operating income of US$1.3 million from consolidated 
subsidiaries.)
 
Potash division - despite sales prices remaining lower than those of a year 
ago, the potash division increased its gross and operating incomes due to 
increased sales volumes.  During the quarter the potash division sold 778 
thousand tons of potash, compared to 545 thousand tons during the same 
quarter last year.
 
 
Consolidated Results
(US$ millions)
 
 
                         1-6/97         1-6/96         4-6/97        4-6/96
 
Net turnover              219.4          169.2          117.9          83.4
 
Profit before tax          39.0           30.6           21.1          14.3
 
Tax on income             (16.1)         (11.2)          (9.2)         (5.5)
 
Net profit                 23.2           19.7           12.0           9.1
 
Number of 
shares (millions)         285.8          285.8          285.8         285.8
 
EPS (US$)                  0.08           0.07           0.04          0.03
 
 
END