Amiad Water Revenue Slips on Slowdown in Europe, U.S. OperationsRandall Hackley
Amiad Water Systems Ltd., an Israel-based water-treatment company, said revenue fell almost 7 percent to $61.7 million in the first half due to European and U.S. municipal and industrial market conditions.
A delay in the implementation of International Maritime Organization regulations for ballast water in ships that will come into force in 2014 affected the results as well, the water-filtration producer that trades in London said today in a statement.
The shares fell the most in a year, 3.8 percent to 314 pence in London, a 6-month low.
Amiad said it’s well-positioned to benefit from the growth opportunity in the ballast market when conditions improve as it’s “expected that around 60,000 ships worldwide will need refitting with one or more cleansing units by 2020, resulting in a filtration market worth approximately $1 billion.”
Irrigation sales were flat compared with a year earlier while oil and gas operation revenues almost doubled to $3 million from a year ago, Amiad said.