The copper wire manufacturer raised NIS 80 million in December 2006.
Global Wire Ltd. (TASE:GLWI) today notified the Tel Aviv Stock Exchange (TASE), “After a preliminary review of figures for the fourth quarter of 2006, the company expects to report a loss of $2.1 million for the fourth quarter and a profit of $1.6 million for 2006 as a whole.”
Copper wire manufacturer Global Wire raised NIS 80 million in its IPO in December 2006. The company posted NIS 63.9 million revenue in 2005.
In mid-2006, it seemed that the company would easily exceed its 2005 results, after it posted a profit of $3 million on $47.6 million revenue for the first half of the year. The company attributed the U-turn to a restatement of the value of its inventory, in line with prices in the global copper market, which fell 25% in December 2006-February 2007.
Global Wire added that it expected to report an $800,000 accounting expense for stock option grants to employees in accordance with Standard 24.
Published by Globes [online], Israel business news - www.globes.co.il - on March 7, 2007
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