Shikun and Binui grows profits in Israel

Shikun and Binui, the construction division of Israel's leading infrastructure and real estate contractor, Arison Group, reported second quarter sales of ILS 1.12 billion (US$ 294 million), up +2% on the ILS 1.10 billion (US$ 289 million) recorded last year.

Pre-tax profits for the second quarter rose +13.5% to ILS 75 million (US$ 20 million), up from the ILS 66 million (US$ 17 million) recorded last year.

"During the second quarter we continued to work on national projects such as the Carmel tunnels and section 18 of the cross-Israel highway, which was opened to traffic ahead of time," said Ofer Kotler, CEO.

"Revenues from construction work outside of Israel now almost match those from within Israel and this has enabled us to attain profitable growth in all areas of activity," he said.

Shikun and Binui's order book at 30 June 2009 stood at ILS 6.4 billion (US$ 1.6 billion), up +3% on that at the end of 2008.