Tat Technologies (TATT) has reported 46.15 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $1.62 million in the quarter, compared with $3 million for the same period last year. On an adjusted basis, net profit for the quarter stood at $1.76 million, or $0.20 a share compared with a net loss of $1.01 million, or $0.11 a share in the last year period.

Revenue during the quarter grew 15.12 percent to $24.98 million from $21.70 million in the previous year period. Gross margin for the quarter expanded 1268 basis points over the previous year period to 23.27 percent. Total expenses were 91.58 percent of quarterly revenues, up from 86.55 percent for the same period last year. That has resulted in a contraction of 503 basis points in operating margin to 8.42 percent.

Operating income for the quarter was $2.10 million, compared with $2.92 million in the previous year period.

Mr. Igal Zamir, TAT's president and chief executive officer commented on the results: "Our fourth quarter 2016 results reflect the impact of our operational efficiency and cost cutting measures, with another consecutive improvement in profitability. Relatively strong sales of heat exchangers contributed to the growth in revenues in the current quarter. We continue to implement operational efficiency and cost cutting measures. Our strong balance sheet and cash position allowed us to pay a $3 million dividend in 2016 and will enable us to pursue business opportunities as part of our ongoing efforts to strengthen our business".