Ofer Holdings Group subsidiary Israel Corporation (TASE: ILCO) today reported a halving of its net loss on higher revenue for the first quarter of 2013, despite continuing losses by Zim Integrated Shipping Services Ltd. and Better Place Inc..
Revenue rose to $2.79 billion for the first quarter from $2.54 billion for the corresponding quarter of 2012, and net loss attributable to majority shareholders narrowed to $41 million ($5.32 per share) from $82 million.
Better Place's loss narrowed to $28 million in the first quarter from $51 million in the corresponding quarter. The improved performance did not save the electric car venture, which filed for liquidation this week. Zim's loss also narrowed to $112 million for the first quarter from $163 million for the corresponding quarter. The loss would have been $95 million were it not for a debt settlement. The loss of Oil Refineries Ltd. (TASE:ORL) was halved to $3 million from $6 million.
However the loss of specialty foundry Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) widened to $24 million from $13 million, and the loss of Chinese joint venture Qoros Auto Company Ltd. widened to $23 million from $19 million.
In contrast, the net profit of IC Power Ltd. rose to $20 million from $12 million, and the net profit of Israel Chemicals Ltd. (TASE: ICL) rose to $305 million from $289 million.
Israel Chemical's contribution to Israel Corp.'s results rose to $160 million for the first quarter from $150 million for the corresponding quarter, and IC Power's contribution rose to $23 million from $16 million. All other holdings made negative contributions in the first quarter: Zim - $111 million; Better Place - $48 million; Qoros - $12 million; Tower - $7 million; and Oil Refineries - $1 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 30, 2013
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