Haifa, Israel: Israeli defence and security major, Israel Aircraft Industries (IAI) has said that it has recorded a 56 per cent increase in year-over-year quarterly earnings. According to an IAI statement, the company has earned $36 million in net profit for the third quarter of 2006.
For the same period in 2006, net profit was $23 million, while it was $11 million for the year 2005.
According to company officials, the military side of the company''''s operations has recorded "significant activity," particularly in the field of unmanned aerial vehicles, which have been responsible for much of the sales growth. The company''''s Hunter UAV is in use with the US military in Iraq.
According to the company, sixty per cent of IAI''''s sales were military. However, civilian sales are also recording growth. The main product responsible for boosting market growth on the civilian side was the executive aircraft that have selling well in the United States.
Sales backlog for the company has reached $7.3 billion, which is at an all-time high. According to the company''''s new president and chief executive officer, Itzhak Nissan, 83 per cent of this export is slated for export.
"In this period the company continued its technological achievements, which include the successful testing of the Arrow Weapon System and the launch of the Ofek 7 Imaging Satellite, sales of over 60 G150 and G200 business jets and conversion of passenger aircraft to freighter configuration," Nissan said in a statement.