The total assets of the Palestine Economic Corporation increased by more than $1,000, 000 in 1953 to reach $12, 055, 027, it was announced here today by Ernest Nathan, executive vice-president, who made public the company’s 1953 annual report. The Corporation’s resources exceed $37,000,000.
The report shows that PEC’s increase in 1953 over its total assets of $10,.955,747 in 1952, represented an additional investment in Israel of more than $700,000. Net profits after taxes in 1953 amounted to $479,188. The 1952 figure was $351,962. The dividends for 1953, at a four percent rate of par value, amounted to about $315,000 and left an estimated $164,188 for earned surplus.
Mr. Nathan disclosed that the investments of the Corporation in Israel increased to $7,000, 000 by the close of last year. In addition to these sums, the Corporation during 1953 invested in the Israel Corporation of America, PEC Diamond Corporation, Carmel Wine Company and the INCA Economic Corporation, all of which are engaged in Israeli business. Investments in these undertakings reached the sum of $2,950,000.
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