JERUSALEM, March 26 (Reuters) - Israeli defence

electronics firm Elbit Systems reported lower

quarterly profit as an increase in ammunition supplies to

Israel's military pushed revenue higher.

One of Israel's largest defence contractors, Elbit said on

Tuesday it earned $1.56 per diluted share excluding one-time

items in the fourth quarter, down from $1.71 per share a year

earlier.

Elbit's bottom line in the October to December was hit by

$52 million of non-cash expenses related to the write-off of

uncollectible balance of contract assets due to a discontinued

project and for the discontinuing of a subsidiary's activities.