Israel Aerospace Industries post first quarter 2012 net profit of $54m

Israel Aerospace Industries reported that sales for Q1 2012 grew by 5% and reached $894m, compared to $855m for Q1 2011. This primarily affects sales in the fields of executive aircraft, engine maintenance and aircraft conversion. Export sales represent 80% of total sales and reached $711million. Sales to the military market represent 76% of total sales and reached $681m. Net profit for Q1 2012 reached $54m (6.0% of sales), compared to $46m (5.4% of sales) for Q1 2011, an increase of 16%. As of March 31, 2012, the company has for the first time achieved an accumulated profit balance of $5m compared to accumulate loss of $48m as of December 31, 2011. Company Backlog now stands at $9.7bn, and guarantees the next 2.6 years of activity. The backlog increase is attributed to a $1.6bn deal signed during Q1. 85% of the backlog is earmarked for sale to customers abroad.