A swing to profit by Zim Integrated Shipping Services Ltd. and narrower losses by Better Place Inc. helped push Israel Corporation (TASE: ILCO) to a profit for the third quarter of 2012. Net profit attributable to majority shareholders was $151 million ($20.52 per share) for the third quarter compared with a net loss attributable to majority shareholders of $159 million for the corresponding quarter of 2011. Revenue was flat at $3.09 billion for the third quarter compared with $3.08 billion for the corresponding quarter.
Israel Chemicals Ltd. (TASE: ICL) contributed $207 million to Israel Corp.'s third quarter profit, down from $229 million for the corresponding quarter. Oil Refineries Ltd. (TASE:ORL) reduced Israel's Corp's third quarter profit by $6 million, compared with a reduction of $8 million for the corresponding quarter, and Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) reduced Israel's Corp's third quarter profit by $7 million, compared with a contribution of $2 million for the corresponding quarter.
Wholly-owned subsidiary Zim contributed $16 million to Israel's Corp's third quarter profit, compared with a loss of $66 million for the corresponding quarter, and Better Place narrowed its loss to $12 million from $17 million.
Israel Corp's global power subsidiary IC Power Ltd. contributed $14 million to Israel Corp.'s third quarter profit, up from $13 million for the corresponding quarter, and Israel's Corp.'s joint car venture Qoros Auto Co. Ltd. widened its loss to $11 million for the third quarter from $7 million for the corresponding quarter.
Published by Globes [online], Israel business news - www.globes-online.com - on November 27, 2012
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