Housing & Construction Holding Co (TASE: HUCN ), controlled by the Arison group and company employees, published its financial reports this morning after a two-week delay. The company posted 47% increase in profits for Q4 2001 to NIS 30.9 million, compared to NIS 21 million posted in the parallel quarter. 2001 overall posted stable profits of NIS 128.5 million, similar to the results for the previous year.

Managing director Uzi Vardy-Zer said ¿the group¿s financial results were achieved despite the ongoing economic recession of the past six years.¿ According to Vardy-Zer, ¿The group¿s activity in international activity and construction, including the Trans-Israel Highway, yielded attractive business results and contributed to the continued growth trend in profitability over the preceding two years.¿ He added that ¿The group is moving in 2002 toward further growth in activity, mostly specialized projects in transit and water in Eastern European countries.¿