Elbit Suffers
Profits Drop
Jerusalem (JPFS) — Elbit an-
nounced a 38.8 percent drop in
annual net profits to $18.35 mil-
lion from $30 million in 1994.
Earnings per share fell to $0.86
from $1.57, while consolidated
revenues rose to $938 million
from $758 million.
Elbit, Israel's sixth largest in-
dustrial company, develops and
manufactures electronic systems
primarily for the defense indus-
try but also for the medical, com-
mercial and communication
sectors.
Fourth quarter net profits in-
creased 48 percent to $4 million
from $2.69 million. Quarterly rev-
enues went up to $260.47 million
from $248.8 million, while earn-
ings per share went up to $0.19
from $0.13.
Annual net profits were im-
pacted by losses in the compa-
ny's television manufacturing
operation.
New investments Elbit Ultra-
sound reached operational profit
in the fourth quarter and Fibron-
ics (acquired from Elron in late
1994) approached the break-even
point during the same period.
Subsidiary Elscint achieved
substantial growth last year and
recently announced a reverse
stock split on a one-for-five basis.
The recoveries were attributed
to Elbit's reorganization measures
and to seasonal fourth quarter
growth.
Shohat Slams
Frenkel Critics
Finance Minister Avraham
Shohat lashed out at the heads of
the country's business associa-
tions, scoring what he termed
their "unacceptable" remarks
about Bank of Israel Governor Ja-
cob Frenkel.
Manufacturers Association
president Dan Propper and head
of the Federation of Israeli Cham-
bers of Commerce Danny Giller-
man had demanded Mr. Frenkers
resignation at a joint press con-
ference, charging that his inter-
est and foreign currency policies
are leading the country to the
brink of economic disaster. Mr.
Shohat leapt to Mr. Frenkel's de-
fense at a meeting of the Knesset
Finance Committee in Tel Aviv,
saying that Mr. Gillerman and
Mr. Propper— precisely because
of their stature in the economy—
should have shown more re-
straint.
Mr. Shohat rejected charges
that he is letting Mr. Frenkel run
the economy. The law gives the
head of the Bank of Israel certain
powers, he said, and one is exclu-
sive control over interest rates.
He and Mr. Frenkel work closely
together, Mr. Shohat added, even
though they do not always agree.
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