During the third quarter, Koor sold 20.5 million Credit Suisse shares for 585 million Swiss francs, on which it posted a profit of NIS 396 million.
IDB Holding Corp. Ltd. (TASE:IDBH) unit Koor Industries Ltd. (TASE:KOR) posted a net profit of NIS 296.3 million for the third quarter of 2013, down from NIS 416.7 million for the corresponding quarter of 2012. However, the company posted a net profit of NIS 701.4 million in January-September, compared with a net loss of NIS 222.2 million in the corresponding period of last year.
During the third quarter, Koor sold 20.5 million Credit Suisse shares for 585 million Swiss francs, on which it posted a profit of NIS 396 million. So far in the fourth quarter, Koor has made a profit of NIS 38 million on additional sales of Credit Suisse shares.
In July-October, Koor has repaid NIS 1.15 billion of the loan taken from Citigroup and Morgan Stanley to buy the Credit Suisse shares, leaving a balance of NIS 2.8 billion. The current value of Koor's stake in Credit Suisse exceeds the outstanding loan balance by NIS 646 million. Koor currently owns 10.56 million Credit Suisse shares.
Published by Globes [online], Israel business news - www.globes-online.com - on November 17, 2013
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