Elco Holdings (TASE:ELCO) continued to show sequentially growing revenues and profits, thanks primarily to Elco Brandt, which purchased certain activities from the French company Brandt in January 2002.

Elco on Sunday reported a 258% leap in net profit to NIS 43.4 million, compared with NIS 12.1 million in the parallel quarter of 2001. Elco Brandt contributed NIS 20.8 million to the parent company's bottom line.

The second-quarter net included NIS 12.4 million from selling inventories purchased in the Brandt deal.

For the first half Elco, which is controlled by businessman Gershon Salkind, netted NIS 75.1 million, 99% more than its profit for the whole of 2001.

Revenues for the second quarter increased 98% to NIS 2.4 billion, with first-half revenues coming in at NIS 4.18 billion. That is 86% more than achieved in the parallel half of 2001.

The devaluation of the Argentine peso led Elco to a second-quarter charge of NIS 1.1 million, on top of an NIS 4.2 million charge in the first quarter.

As of the end of the second quarter, the company's shareholders equity was NIS 926.5 million, comprising 11% of its balance sheet. Its cash, equivalents and short-term deposits totaled NIS 1.48 billion at the end of the quarter. Its second-quarter cash flow from operations was NIS 138 million.

Tel Aviv-based Elco Holdings is a diverse holding and management companies with an arm in multiple industries. Elco Brandt manufacturers appliances for households, sold under a range of brandnames.

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