IDB posts NIS 380m third quarter loss

Discounting a write-down on the transfer of its investment in Clal Insurance to a trustee, IDB Group lost NIS 8 million in the quarter.

IDB Holding Corp. Ltd. (TASE:IDBH), which is the throes of negotiations on a debt arrangement and the bidding for a takeover of the company, reported its third quarter results late last night.

The group made a loss of NIS 380 million in the quarter, which compares with a loss of NIS 17 million in the third quarter of 2102. Both IDB Group and subsidiary IDB Development have going concern qualifications appended to their financial statements, as they have had in previous quarters, ever since the group began to face financial difficulties.

In the nine months to September, IDB lost NIS 358 million, compared with NIS 970 million for the first nine months of 2012. The third quarter 2013 loss includes a write-down of NIS 312 million for the transfer of the balance of the investment in Clal Insurance to a trustee. The company notes that, discounting this accounting write-down, the third quarter loss was NIS 8 million.

Third quarter revenue totaled NIS 5.68 billion, compared with NIS 6.25 billion in the third quarter of 2012.

The company's net debt plus its share of the net debts of Discount Investment, Clal Industries (to June 30 2012) and Koor Industries Ltd. (TASE:KOR) totals NIS 10.5 billion. The company spent NIS 32 million on costs in connection with the debt arrangement, paid to consultants, trustees, and various experts.

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

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

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