Israel Corporation (TASE: ILCO), controlled by Idan Ofer, reported improved third quarter results this morning, mainly thanks to the completion of the debt arrangement in Zim Integrated Shipping Services Ltd..
Israel Corporation made a net profit of $719 million in the third quarter of 2014, compared with a net loss of $84 million in the corresponding quarter of 2013.
Following the completion of the debt arrangement in Zim, Israel Corporation ceased to control the company. It posted a $796 million gain as a consequence of the fact that it no longer controls the company and presents its investment in Zim as an associated company at fair value as derived from the amount of its investment under the debt arrangement. Israel Corporation also posted a $187 million loss arising from the forgiveness of Zim's debts to it.
The sales revenue of IC Power, Israel Corporation's energy arm in Latin America, totaled $373 million in the third quarter of 2014, compared with $260 million in the corresponding quarter of 2013. IC Power posted a net profit of $130 million, compared with $15 million in the corresponding quarter.
Qoros, Israel Corporation's automobile venture in China, had sales of $38 million in the third quarter of 2014. In the first nine months of this year, Qoros sold 4,420 vehicles, 1,880 of them in the third quarter.
Qoros made a loss of $95 million in the third quarter of 2014, compared with a loss of $48 million in the corresponding quarter.
Published by Globes [online], Israel business news - www.globes-online.com - on November 25, 2014
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