Israel Corporation (TASE: ILCO) swung to a loss of $84 million in the third quarter, compared with profit of $159 million in the corresponding quarter of the previous year. One of the main reasons for this was a $44 million loss in Zim Integrated Shipping Services Ltd. In the third quarter of 2012, Zim posted a profit of $16 million.
The company reported that Israel Chemicals Ltd. (TASE: ICL) posted a sharp decline and ended the third quarter of 2013 with a profit of only $78 million, compared with a profit of $395 in the corresponding quarter of the previous year.
Oil Refineries Ltd. (TASE:ORL) furthered the loss, and ended the quarter with a loss of $70 million, compared with a loss of only $21 million in the corresponding quarter of 2012.
The company that went from profit to loss was Zim, as mentioned, which ended the third quarter with a loss of $44 million, compared with a profit of $16 million in the corresponding quarter of the previous year. The company is currently in talks with its creditors in Barcelona about settling the debt. Because of the agreement, Zim added a going concern qualification to its quarterly reports. According to the company, “the company added a going concern qualification to its quarterly reports in keeping with accounting guidelines. However, there has been no negative development in the company’s condition. Zim anticipates that with the completion and approval of the agreement, a significant improvement in the company’s capital structure will be attained.”
Published by Globes [online], Israel business news - www.globes-online.com - on December 1, 2013
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