Israel Chemical Stepping Up Buying
Israel Chemical Ltd has said it is stepping up activity in the pharmaceutical sector with acquisitions. Following share purchases made in the nine months to end September, it now owns 20% of US-based Supergen. In addition, ICL has purchased rights to an early diagnostic technology and its development.
ICL also announced a 54% rise in third-quarter 1994 net profits to $15.6 million. Revenues for the period increased 19.3% to $322 million. Earnings per share were $0.013 compared with $0.008 in the like, year-earlier quarter. Net profits for the nine months were up 12.3% to $34.3 million on revenues of $903.4 million, up from $787.8 million. Earnings per share were $0.028 compared with $0.025.
A total of $240 was invested in research and development costs during the January through September period, compared with $225 million in the like, 1993 term. This includes the cost of setting up ICL's new power station in Sdom, Israel.
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