Israel Corp swings to loss

Israel Chemicals profits were not enough to cover the losses of Zim, Oil Refineries, Tower Semiconductor, and Qoros.

Israel Corporation (TASE: ILCO), controlled by Idan Ofer, swung to a loss on lower revenue for the second quarter of 2013, as profits by Israel Chemicals Ltd. (TASE: ICL) and IC Power Ltd. failed to overcome losses by Zim Integrated Shipping Services Ltd. and Oil Refineries Ltd. (TASE:ORL).

Revenue fell to $2.98 billion for the second quarter from $3.14 billion for the corresponding quarter of 2012. Net loss was $89 million for the second quarter compared with a net profit $84 million for the corresponding quarter.

Were it not for Israel Corp.'s Chinese car-making joint venture, Qoros Auto Company Ltd. and electric car venture Better Place Inc., which was closed during the second quarter, Israel Corp.'s net loss would have been $69 million.

Israel Chemicals contributed $169 million to Israel Corp.'s second quarter profit and IC Power contributed $15 million, but Zim cost Israel Corp. $97 million and Oil Refineries cost it $16 million. Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) contributed a loss of $7 million and Qoros contributed a loss of $20 million.

Published by Globes [online], Israel business news - - on August 29, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018