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
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
Annual net profits were im-
pacted by losses in the compa-
ny's television manufacturing
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
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-
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-
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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