Exhibit 99.1

ITURAN LOCATION AND CONTROL LTD. AND ITS SUBSIDIARIES

ITURAN LOCATION AND CONTROL LTD.
PRESENTS RESULTS FOR THE THIRD QUARTER OF 2008

Third quarter 2008 revenues reached $35.2m, a pro-forma YoY growth of 28%;
Earnings per share reached $0.27, a pro-forma YoY growth of 93%

AZOUR, Israel – November 24, 2008 – Ituran Location and Control Ltd. (NASDAQ: ITRN, TASE: ITRN), today announced its consolidated financial results for the third quarter ended September 30, 2008.

Highlights of the Quarter (compared with the pro-forma third quarter last year)

— Strong bottom-line and top-line growth

— Strong improvement in pro-forma gross and operating margins

— A 16,000 net subscriber increase in the quarter to a record of 495,000 as of September 30th, 2008

As previously announced, the sale of Telematics was completed on December 31^st, 2007. The results of the third quarter of 2008 therefore exclude the contribution of Telematics. The pro-forma results of the comparable quarter in 2007 also exclude the contribution of Telematics, to enable investors to compare Ituran’s historical results with current results on a similar basis.

Third Quarter Results
Revenues for the third quarter of 2008 reached US$35.2 million. This represents a 28% increase compared with pro-forma revenues of US$27.5 million in the third quarter of last year. The increase in revenues was primarily driven by the growth in the Company’s subscriber base particularly in Brazil and Israel, the increased average revenue per user and the weak US Dollar. In addition, in Israel subscription fees which had previously been charged in US Dollars were switched to Israeli Shekels at the start of the quarter. The exchange rate at which the change was made, was above the average prevailing market exchange rate in the quarter, which increased subscription fees in US Dollar terms.

Operating profit for the third quarter of 2008 was US$7.4 million (21.0% of revenues) compared with a pro-forma operating profit of US$4.6 million (16.6% of revenues) in the third quarter of 2007.

EBITDA for the quarter was $10.0 million (28.4% of revenues) compared to a pro-forma EBITDA of $6.4 million (23.3% of revenues) in the third quarter of last year.

Financial income in the quarter was US$1.2 million as compared with a pro-forma financial income of $234 thousand in the third quarter of last year.

A $1.1m of financial gain was recorded as a result of the appreciation of the US dollar against the Israeli shekel during the quarter. This, as previously explained, is due to the fact that most of the Company’s cash is held in dollars while its functional currency in Israel is the Israeli Shekel.

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ITURAN LOCATION AND CONTROL LTD. AND ITS SUBSIDIARIES

Net profit was US$5.6 million in the third quarter of 2008 (16.0% of revenues), compared with a net profit of US$3.2 million (11.5% of revenues), as reported in the third quarter of 2007. Fully diluted EPS in the third quarter of 2008 were US$0.27, compared with US$0.14 per fully diluted share in the third quarter of 2007.

Cash flow from operations during the quarter was US$11.2 million. Excluding the above-mentioned financial gain, cash flow from operations was US$10.1 million. During the quarter, the company repurchased 175,000 shares for a total of US$2 million.

As of September 30, 2008 the company had a net cash position (including marketable securities) of US$57.6 million compared with US$53.5 million on June 30, 2008.

Eyal Sheratzky, Co-CEO of Ituran said, “Our third quarter was a good quarter, particularly in terms of our strong profitability, and our results demonstrate the operating leverage inherent in our business model. We are very much seeing the financial rewards and the fruits of our investments throughout last year.”

Continued Mr. Sheratzky, “While we are seeing a sharp slowdown in the global economy, we believe our business model is very defensive in this environment. While we expect that the global economic slowdown will decrease the number of new cars manufactured and sold, history has demonstrated that at the same time, the car theft rate increases in a recession”.

“Our unique business model, based on recurring revenues from a firmly established customer base with continued growth potential, as well as our strong market position in all our geographies, underlies our expectations for the continued performance and growth of our Company. It is important to note that we do expect some quarterly volatility in our financial numbers due to the recent sharp exchange rate changes, given that most of our activity is denominated in non-US Dollar currencies, and our results are a translation into US Dollars. Most importantly, our continued cash generation and exceptionally strong net cash position in the current environment bodes very well for us, and enables us to pursue and invest in opportunities which will enhance our competiveness and growth,” concluded Mr. Sheratzky.

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ITURAN LOCATION AND CONTROL LTD. AND ITS SUBSIDIARIES

Conference Call Information

The Company will be hosting a conference call today, November 24^th, 2008, at 10am Eastern Time. On the call, management will review and discuss the results, and will be available to answer investor questions.

To participate, please call one of the following teleconferencing numbers. Please begin placing your calls 10 minutes before the conference call commences.

US Dial-in Number: 1 866 345 5855
UK Dial-in Number: 0 800 404 8418
ISRAEL Dial-in Number: 03 918 0691
CANADA Dial-in Number: 1 866 958 6867
INTERNATIONAL Dial-in Number: +972 3 918 0691

At:
10:00am Eastern Time, 7:00am Pacific Time, 5:00pm Israel Time

For those unable to listen to the live call, a replay of the call will be available from the day after the call in the investor relations section of Ituran’s website, at: www.ituran.com

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ITURAN LOCATION AND CONTROL LTD. AND ITS SUBSIDIARIES

Certain statements in this press release are “forward-looking statements” within the meaning of the Securities Act of 1933, as amended.  These forward-looking statements include, but are not limited to, our plans, objectives, expectations and intentions and other statements contained in this report that are not historical facts as well as statements identified by words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates” or words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances, many of which are beyond our control. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors.

About Ituran

Ituran provides location-based services, consisting predominantly of stolen vehicle recovery and tracking services, as well as wireless communications products used in connection with its location-based services and various other applications. Ituran offers mobile asset location, Stolen Vehicle Recovery, management & control services for vehicles, cargo and personal security. Ituran’s subscriber base has been growing significantly since the Company’s inception to over 495,000 subscribers distributed globally. Established in 1995, Ituran has approximately 1100 employees worldwide, provides its location based services and has a market leading position in Israel, Brazil, Argentina and the United States.

Company Contact

Udi Mizrahi (udi_m@ituran.com)
VP Finance, Ituran
(Israel) +972 3 557 1348

International Investor Relations

Ehud Helft
Kenny Green
info@gkir.com
GK Investor Relations
(US) +1 646 201 9246

Investor Relations in Israel

Oded Ben Chorin (oded@km-ir.co.il)
KM Investor Relations
(Israel) +972 3 5167620

** FINANCIAL TABLES TO FOLLOW **

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ITURAN LOCATION AND CONTROL LTD. AND ITS SUBSIDIARIES

Consolidated Interim Financial Statements
as of September 30, 2008

ITURAN LOCATION AND CONTROL LTD. AND ITS SUBSIDIARIES

Consolidated Interim Financial Statements
as of September 30, 2008

Table of Contents

	Page
Consolidated Interim Financial Statements:
Balance Sheets	2 - 3
Statements of Income	4
Statements of Cash Flows	5 - 6

ITURAN LOCATION AND CONTROL LTD. AND ITS SUBSIDIARIES

CONSOLIDATED INTERIM BALANCE SHEETS

	US dollars
	September 30,		December 31,
(in thousands)	2008		2007
Current assets
Cash and cash equivalents		66,141		28,669
Investments in marketable securities		89		9,558
Accounts receivable (net of allowance for doubtful accounts)		32,609		27,578
Other current assets		5,966		83,783
Inventories		13,748		13,258
		118,553		162,846
Long-term investments and debit balances
Investments in affiliated companies		192		191
Investments in other companies		1,874		1,678
Other current assets		717		49
Loan to former employee		558		560
Deposit		369		-
Deferred income taxes		6,617		5,850
Funds in respect of employee rights upon retirement		3,225		2,513
		13,552		10,841
Property and equipment, net		29,530		24,440
Intangible assets, net		8,187		8,801
Goodwill		10,772		9,631
Total assets		180,594		216,559

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ITURAN LOCATION AND CONTROL LTD. AND ITS SUBSIDIARIES

CONSOLIDATED INTERIM BALANCE SHEETS

	US dollars
	September 30,		December 31,
(in thousands)	2008		2007
Current liabilities
Credit from banking institutions		8,612		318
Accounts payable		15,540		12,703
Deferred revenues		6,147		5,801
Other current liabilities		16,689		33,592
		46,988		52,414
Long-term liabilities
Liability for employee rights upon retirement		5,106		4,085
Deferred income taxes		1,891		1,715
		6,997		5,800
Minority interest		3,508		2,860
Capital Notes		5,894		5,894
Total shareholders' equity		117,207		149,591
Total liabilities and shareholders' equity		180,594		216,559

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ITURAN LOCATION AND CONTROL LTD. AND ITS SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF INCOME

	US dollars									US dollars
	Nine month period ended September 30,									Three month period ended September 30,
(in thousands except per share data)	2008			2007			2007			2008			2007			2007
							Pro-Forma(*)									Pro-Forma(*)
Revenues:
Location-based services		65,250			46,523			46,523			23,579			16,504			16,504
Wireless communications products		37,962			42,212			28,519			11,644			15,070			11,041
		103,212			88,735			75,042			35,223			31,574			27,545
Cost of revenues:
Location-based services		23,988			16,729			16,729			8,529			6,016			6,016
Wireless communications products		30,157			31,804			25,260			9,261			11,504			9,528
		54,145			48,533			41,989			17,790			17,520			15,544
Gross profit		49,067			40,202			33,053			17,433			14,054			12,001
Research and development expenses		307			2,210			301			107			734			100
Selling and marketing expenses		7,482			5,531			4,787			2,422			2,284			2,006
General and administrative expenses		20,802			15,871			14,804			7,534			5,690			5,325
Other expenses (income), net		3			2			-			(20	)		1			-
Operating income		20,473			16,588			13,161			7,390			5,345			4,570
Financing income (expenses) , net		(5,433	)		1,176			1,256			1,231			(27	)		234
Income before taxes on income		15,040			17,764			14,417			8,621			5,318			4,804
Taxes on income		(5,107	)		(4,910	)		(4,000	)		(2,637	)		(1,442	)		(1,409	)
		9,933			12,854			10,417			5,984			3,876			3,395
Share in losses of affiliated
companies, net		(22	)		(161	)		(161	)		7			(68	)		(68	)
Minority interests in income of
subsidiaries		(912	)		(550	)		(477	)		(350	)		(162	)		(148	)
Net income for the period		8,999			12,143			9,779			5,641			3,646			3,179
Earnings per share:
Basic		0.42			0.52			0.42			0.27			0.16			0.14
Diluted		0.42			0.52			0.42			0.27			0.16			0.14
Weighted average number of shares
outstanding (in thousands):
Basic		21,587			23,287			23,287			21,067			23,338			23,338
Diluted		21,596			23,422			23,422			21,075			23,422			23,482

(*) Exclude the contribution of Telematics Wireless LTD – the sale of the company was completed on December 31 , 2007.

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ITURAN LOCATION AND CONTROL LTD. AND ITS SUBSIDIARIES

CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

	US dollars						US dollars
	Nine months period ended September 30,						Three months period ended September 30,
(in thousands)	2008			2007			2008			2007
Cash flows from operating activities
Net income for the period		8,999			12,143			5,641			3,646
Adjustments to reconcile net income to net cash from operating
activities:
Depreciation and amortization		7,332			4,895			2,620			1,948
Exchange differences on principal of deposit and loan, net		72			(57	)		(13	)		5
Exchange differences on principal of marketable securities		(84	)		(350	)		8			96
Increase (decrease) in liability for employee rights upon retirement		514			596			169			297
Share in losses of affiliated companies, net		22			161			(7	)		68
Deferred income taxes		(375	)		1,618			(597	)		2,023
Capital loses (gains) on sale of property and equipment, net		119			(48	)		65			(47	)
Minority interests in profits of subsidiaries, net		912			550			350			162
Decrease (increase) in accounts receivable		(1,550	)		(3,655	)		971			(1,336	)
Decrease (increase) in other current assets		(1,624	)		(658	)		877			(332	)
Decrease (increase) in inventories and contracts in process, net		1,157			(4,904	)		852			(1,300	)
Increase (decrease) in accounts payable		436			(168	)		(1,011	)		(1,279	)
Increase (decrease) in deferred revenues		(375	)		1,352			54			1,258
Increase (decrease) in other current liabilities		2,672			(3,488	)		1,172			(2,237	)
Net cash provided by operating activities		18,227			7,987			11,151			2,972
Cash flows from investing activities
Increase in funds in respect of employee rights upon retirement, net
of withdrawals		(400	)		(599	)		(137	)		(311	)
Capital expenditures		(11,394	)		(7,663	)		(3,946	)		(2,720	)
Deposit		(369	)					(19	)
Proceeds from sale of property and equipment		210			181			46			42
Purchase of intangible assets and minority interest		-			(31	)		-			(17	)
Investment in affiliated company		-			(1,447	)		-			-
Investment in marketable securities		(1,780	)		(3,269	)		(20	)		(1,695	)
Sale of marketable securities		12,024			11,364			14			2,054
Investment in subsidiary		(354	)		-			(354	)		-
Acquisition of subsidiary (Appendix A)		-			(8,549	)		-			-
Proceeds from sale of subsidiary		(58,720	)					-
Net cash used in investment activities		56,657			(10,013	)		(4,416	)		(2,647	)
Cash flows from financing activities
Short-term credit from banking institutions, net		8,254			560			(4,988	)		(25	)
Repayment of long-term loans		-			(3,500	)		-			-
Dividend paid		(29,223	)		(4,838	)		-			-
Proceeds from exercise of options by employees		-			12			-			12
Purchase of shares from treasury		(24,087	)		-			(1,994	)		-
Net cash used in financing activities		(45,056	)		(7,766	)		(6,982	)		(13	)
Effect of exchange rate changes on cash and cash equivalents		7,644			1,809			(674	)		2,056
Net increase (decrease) in cash and cash equivalents		37,472			(7,983	)		(921	)		2,368
Balance of cash and cash equivalents at beginning of period		28,669			43,812			67,062			33,461
Balance of cash and cash equivalents at end of period		66,141			35,829			66,141			35,829

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ITURAN LOCATION AND CONTROL LTD. AND ITS SUBSIDIARIES

Appendix A – Acquisition of subsidiary

	US dollars
(in thousands)	Nine months period ended September 30, 2007
Working capital (excluding cash and cash equivalents ), net		1,280
Funds in respect of employee rights upon retirement		408
Property and equipment , net		397
Goodwill		11,939
Liability for employee rights upon retirement		(729	)
Long-term deferred income taxes		(1,583	)
Long term loan		(3,163	)
		8,549

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