The Baran Group, a global provider of engineering, technology and construction solutions to a broad range of industries recorded $45.1 million in revenues for the third quarter of 2002 compared to $48.5 million during the third quarter of 2001, stated a press release.
Net profit for the third quarter of 2002 was $1.1 million, or $0.14 per share, as compared to a net profit of $3.7 million, or $0.48 per share, during the third quarter of 2001.Gross profit for the third quarter was $6.6 million compared to $8.5 million in the third quarter of 2001.
Operating income for the third quarter was approximately $2.6 million, compared to an operating income of $5.3 million in the third quarter last year. Revenues for the first nine months of 2002 were $140.2 million compared to $153.6 million in the first nine months of 2001. Net profit for the nine-month period was $3.9 million or $0.50 per share, compared to a net profit of $11.58 million for the first nine months of 2001 or $1.52 per share.
Gross profit for the first nine months of 2002 was $21.1 million, compared to a gross profit of $28.4 million for the first nine months of 2001. Operating income for the first nine months of 2002 was $9.3 million, as compared to an operating income of $18.6 million for the first nine months of 2001.
As of September 30, 2002, the Company had total assets of $158 million, compared to $146.47 million as of September 30, 2001, cash, cash equivalents and short-term investment of $46.96 million, compared to $33.8 million at September 30, 2001. Total current assets of $110.6 million, current liabilities of $71.8 million and shareholders equity of $46.4 million.
In July, Baran's Industrial Division signed an agreement to buy fifty percent of ELCO Thailand, an energy related business, thereby expanding its Far East presence.
As a diversified global solutions provider, Baran's six professional divisions were impacted differently by the global economic contraction.
Baran Group consists of six divisions; communications, semiconductors, civil engineering, process industries, consulting, and technology and services. Baran specializes in handling complex and challenging projects, offering creative and unconventional solutions, and customizing projects to clients' needs. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
