Amiad Water Systems Profit Skids 55% as Project Revenue DeclinesRandall Hackley
Amiad Water Systems Ltd., a water-filtration producer founded at an Israeli kibbutz, reported 2013 profit slid 55 percent as revenue declined on fewer projects in the U.S., Australia and South Asia.
The shares fell the most since October to a six-week low of 265.50 pence in London, down 5.2 percent at 2 p.m. local time, after the company said profit was $3.6 million compared with $8.1 million a year earlier. Sales dropped 9.2 percent.
Amiad’s oil and gas operations grew, helped by a pre-filtration order for Pacific Rubiales Energy Corp.’s desalination plant in Colombia, Chief Executive Officer Arik Dayan said today in a statement. The water-treatment company sees renewed growth in 2014 as the global economy improves and on “increasing demand for clean water.”
Postponement in the implementation of regulations by the International Maritime Organization also continued to impact ballast water sales, the Israel-based company said today. The stock has declined 15 percent over the past year.