NEW YORK (Dec. 19)
Directors of PEC Israel Economic Corporation, New York, declared today a cash dividend on its common stock of 60 cents per share, payable February 15, 1968 to stockholders of record as of January 31, 1968. This compares with a dividend of 80 cents paid for the preceding year. PEC, now in its 42nd year, has assets in excess of $27 million and over 10,000 stockholders throughout the U.S. Its principal business is the employment of its capital in Israel, with interests in 45 enterprises in industry transport and marketing, real estate and construction. finance, banking, insurance and citriculture.
John Furman, PEC’s president, said that, despite adverse conditions in Israel during 1967, which included the general economic slowdown, the Six-Day War in June and the devaluation of the Israel pound last month, preliminary data indicate that PEC’s earnings from operations will not vary greatly from those of 1966. He said final results will, however, be adversely affected by a loss on the sale and disposition of certain of its holdings as against a profit under this heading in the previous year.
Mr. Furman added that indications at this time are that Israel’s economy is due for an upturn in the coming year, and that the corporation’s earnings should improve accordingly.