NEW YORK (Jan. 14)
Israel Development Corporation today announced increased growth both in assets and earnings during the year ended November 30, 1964. Assets increased by 16 percent, to $16,054,390 from $13,824,142 a year earlier, and net earnings from interest and dividends rose to $779,269 from last year’s $726,142. Per share earnings remained $1.60, the same as in 1963, due to an increase in the number of shares outstanding, from 454, 018 to 488,000. Dividends paid per share during fiscal 1964 totaled $1.58, compared with $1.54 during the previous year.
IDC, which invests in a varied group of Israel based enterprises, is a publicly-held New York corporation. Shares of the company are traded over-the-counter in the United States, where there are about 6,000 shareholders. In a joint report to shareholders contained in the corporation’s annual report, Rudolf G. Sonneborn, board chairman, and Abraham Dickenstein, president, noted that IDC’s growth in assets actually is understated, as many of its investments are carried at cost and do not reflect the considerable appreciation in value they have undergone since these investments were originally made.