IDB Holding Corp. Ltd. (TASE:IDBH) reported net profit of NIS 750 million for the second quarter, compared with a loss of NIS 160 million in the corresponding quarter.
IDB investment unit IDB Development Corp. Ltd. (TASE: IDBD) reported net profit of NIS 750 million, compared with a loss of NIS 127 million in the corresponding quarter.
IDB subsidiary Koor Industries Ltd. (NYSE: KOR; TASE: KOR) currently owns 2.12% of Credit Suisse, and intends to increase its stake to become a leading shareholder in the bank. In the second quarter, trades in Credit Suisse yielded a gain of about NIS 1.5 billion. IDB noted that Koor has significant sources of liquidity, as well as non-recourse credit facilities with foreign banks.
IDB Holding also named IDB controlling shareholder Nochi Dankner's right hand man over the past nine years, Haim Gavrieli, as CEO of IDB Holding, effective tomorrow.
For the first half of 2009, IDB Holding reported a record 1.2 billion profit, and IDB Development reported NIS 1.07 billion profit.
With the profitable quarter, IDB Holding will issue a NIS 270 million dividend.
IDB shares rose 1.6% by late afternoon trading. The shares are up over 57% so far in 2009.
Published by Globes [online], Israel business news - www.globes-online.com - on August 31, 2009
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