Orpak Systems Ltd. (ORPK.LN), a provider of card-free secure fuel payment systems, Thursday reported a sharp rise in first-quarter net profit, mainly due to lower costs compared with a year earlier.

The company made a net profit of $2.3 million in the quarter ended March 31, compared with a profit of $0.7 million for the first quarter of 2008, on revenue slightly higher at $15.3 million.

Financing expenses narrowed to $0.33 million in the quarter from $1.44 million, while net financing income was $0.42 million compared with a loss of $0.98 million.

Orpak said it has seen demand for its products gain momentum and continues to benefit from a high level of repeat business, including increased orders from BP PLC (BP.LN) in Turkey and a new contract in the U.S. with Gasboy International to equip its fleet with new management systems.

The company added that it expects to gain market share in emerging markets.

At 1018 GMT, shares were up 4 pence, or 2.8%, at 147.5 pence, in a slightly lower Alternative Investment Market, down 1.42%.

Company Web site: www.orpak.co.il

-By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; zechariah.hemans@dowjones.com
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