Elbit sees $60-65M write-down due to blocked deal
Israeli electronic defence firm Elbit Systems said on Sunday it expected a $60-$65 million drop in 2011 fourth quarter net profit after it lost a contract with a foreign customer, identified by the Israeli media as Turkey, that the government did not support.
The company announced in December that the Israeli government, for political reasons, did not renew its authorisation to complete a $90 million contract awarded several years ago. (Reuters)
