Haskel’s Net Income Up Sharply in 3rd Quarter

Haskel International Inc. saw its net income soar 367% in its third quarter on a 9% rise in sales.

The Burbank-based concern posted net income of $617,000, compared to $132,000 in the same period a year earlier. Sales in the quarter that ended in February rose to $13.9 million, up from $12.7 million.

For the nine months, Haskel saw its net income climb 19% to $2.04 million, up from $1.71 million in the same period a year earlier.

Sales for the nine months rose 15% to $43.1 million, from $37.5 million.

The company, which makes high-pressure liquid pumps used in various electronic components, attributed much of its profit surge to added business in Europe and other overseas markets.

Haskel is also opening a new office in Hong Kong.

During the past quarter, Haskel also promoted R. Malcolm Greaves to president and chief executive. Previously, Greaves had been Haskel’s executive vice president.