Companies included on the Tel Aviv 25 Index grew in the third quarter of 2010, with the help of a tail wind from the capital market. The aggregate net profit of the Tel Aviv 25 companies rose 14% to NIS 9.67 billion for the third quarter from NIS 8.48 billion for the corresponding quarter of 2009, according to an analysis by DS Brokerage. The figures do not include one-time gains by Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA), Paz Oil Company Ltd. (TASE:PZOL), Makhteshim Agan Industries Ltd. (TASE: MAIN), and Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ).
Two Tel Aviv 25 companies, Discount Investment Corporation (TASE: DISI) and one of its subsidiaries, Makhteshim, posted losses for the third quarter of 2010.
The aggregate revenue of Tel Aviv 25 companies rose 6% to NIS 88 billion for the third quarter from NIS 83 billion for the corresponding quarter.
DB Brokerage said that Teva contributed 46% of the Tel Aviv 25 companies' aggregate net profit for the third quarter, compared with 34% of the aggregate net profit for the corresponding quarter. Teva's net profit rose 45% to NIS 4.49 billion for the third quarter from NIS 3.09 billion for the corresponding quarter.
The three telecommunications companies - Bezeq, Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL), and Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) - on the index accounted for 13% of the aggregate profit, and the four banks on the index accounted for 17%.
The four banks on the Tel Aviv 25 index are Bank Hapoalim (TASE: POLI), Bank Leumi (TASE: LUMI), Israel Discount Bank (TASE: DSCT), and Mizrahi Tefahot Bank (TASE:MZTF). Their aggregate net profit rose 17% to NIS 1.64 billion for the third quarter from NIS 1.4 billion for the corresponding quarter. Their aggregate revenue fell 3.3%, mainly because of one-time gains in the third quarter of 2009.
The aggregate market cap of the Tel Aviv 25 companies was NIS 512 billion at the end of September, 2% more than at the end of 2009.
Published by Globes [online], Israel business news - www.globes-online.com - on December 2, 2010
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