Crashed in a good report but will it last?

by time news

Carasso importer reports a successful third quarter, the company’s revenues in the third quarter of 2021 amounted to over NIS 1 billion, similar to the corresponding quarter last year.

Revenues from the automotive sector in the quarter amounted to NIS 476 million, compared with NIS 535.6 million in the corresponding quarter last year. The segment’s profits in the quarter rose to NIS 100.5 million, compared with NIS 83.2 million in the corresponding quarter last year. In the third quarter of 2021, the company sold 4,250 vehicles, compared to 5,015 vehicles sold in the corresponding quarter last year. It should be noted that the third quarter of this year included a shortage of working days due to the timing of the Tishrei holidays this year.

Revenues from the leasing segment increased in the quarter to NIS 445.8 million, compared with NIS 423.7 million in the corresponding quarter last year. The segment’s profits in the quarter doubled to NIS 42.2 million, compared with NIS 21.4 million in the corresponding quarter last year.

Revenues from the service sector and others in the quarter grew to NIS 90.9 million, compared with NIS 85.2 million in the corresponding quarter last year. The profit in the third quarter of the two sectors is NIS 25 million, similar to the corresponding quarter last year.

Gross profit in the third quarter of 2021 increased to NIS 205 million, about 20.3% of revenues, compared with NIS 157.2 million, about 14.9% of revenues in the corresponding quarter last year.

Profit from ordinary operations in the third quarter of 2021 rose to NIS 111.5 million, compared with NIS 53.5 million in the corresponding quarter last year, above 100%, which illustrates the public’s onslaught on vehicles.

The company states that it has submitted an offer with other companies to purchase 50% of Egged.

Itzik Weitz, CEO of Carasso Motors: “We conclude the period and the quarter with a significant improvement in net profit, in light of the activities of the automotive sector and the leasing sector. In the activity of the automotive sector, we are experiencing keen demand for the purchase of new vehicles and we are preparing to respond to this trend. In the leasing sector, which expanded with the acquisition of Kal Otto last year, we show an increase in revenue and an increase in profit in the quarter, in light of an increase in demand and the volume of sales of used purchasing vehicles. We continue to work to maximize Pacific’s synergies with Easy Auto, which are expected to support further improvement in operations in this segment. We are working to establish the group’s future growth, in parallel with the processes we are constantly implementing in existing activities in order to continue to improve the company’s efficiency. “

The company’s net profit in the third quarter of 2021 increased to NIS 67 million, compared with NIS 30.1 million in the corresponding quarter last year

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