Elron Electronic Industries Ltd. on Wednesday reported net income of $47.3m., or $1.61 per share for 2005, compared to $84.1m., or $2.87 per share, the previous year. Excluding gains from the divestments, Elron said it would have lost $23m. compared to a net loss of $23.3m in 2004. Revenues dropped 40.73% to $82.6m. from $139.4m. "We completed a number of significant exits resulting in aggregate cash to Elron of approximately $116m.," said president and CEO Doron Birger. During the year, the Tel Aviv-based holding company its stake in Partner Communications, in Oren Semiconductor and decreased its shares in Internet provider Netvision. Elron is divided into four groups with subsidiaries in the medical devices, Telecommunications, Semiconductor and advanced materials sectors.