American Paper Mills Ltd., Israel’s principal paper manufacturer, reported today net income of $864,631 for the year ending last March 31, after devaluation of the Israeli pound and the write-off of a special non-recurring charge of $130,000 due to the Six-Day War. This compared with $858,140 for the previous year and amounts to thirty-one cents per American Depository Receipt. The receipts, which are traded on the American Stock Exchange, are equal to eight ordinary shares. Sales totalled $13,867,322 in fiscal 1968 compared with $13,583,207 the previous year. In Israeli pounds, sales increased by 19 percent and earnings by 17 percent though the dollar results remained the same because of devaluation.
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