DIC posts 1st quarter net income decline. (Discount Investment Corp.) (Brief Article)

Israel Business Today, June, 1994

Discount Investment Corporation concluded the first quarter of 1994 with a net income of NIS 21.2 million, (approx. $7.1 million) 56 percent less than the NIS 47.9 million ($16 million at the current rate of exchange) posted in the comparable period in 1993. Company management said the results were mainly due to NIS 14 million ($4.7 million) in losses arising from the decline in the market value of the company's traded securities.

Another NIS 8 million ($2.7 million) in losses stemmed from DIC's share in the losses of securities traded by its related companies. The results also included gains of NIS 10 million ($3.3 million) arising from capital issues of affiliated companies, compared to NIS 17 million ($5.7 million) in the corresponding period of 1993.