Shamir reports marginal drop

Shamir Optical has announced a marginal decline in revenue of $29.2m for the fourth quarter of 2008, ending December 31, compared to $30.6m for the same period in 2007.

Net profit also fell marginally from $1.6m for the fourth quarter of 2007 to $1.4m. For the year ended December 31, revenue rose to $140.3m from $120.4m in 2007, while net profit also increased to $9.1m from 8.2m the year before.

Shamir's chief executive officer, Eyal Hayardeny, said: 'Starting in the second half of 2008 and increasing in severity by the end of the year, we began to encounter a steadily deteriorating economic environment, negative currency fluctuation and an anticipated slowdown in the fourth quarter on revenues. Despite these challenges, we were able to adjust our expense structure and are pleased with our fourth-quarter results.'