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Israel Corp loss deepens on weak shipping unit
May 30, 2012 / 7:42 AM / in 6 years

Israel Corp loss deepens on weak shipping unit

JERUSALEM, May 30 (Reuters) - Israel Corp, one of Israel’s largest holding companies, reported a wider quarterly net loss on Wednesday as poor results at shipping unit Zim continued to weigh on its bottom line.

Israel Corp posted a first-quarter net loss of $82 million compared with a $57 million loss a year earlier.

Zim lost $163 million after losing $111 million in the first three months of 2011, as the company has been hit by tough conditions in the global market and rising competition.

Israel Corp is the parent of Israel Chemicals (ICL) , the world’s sixth-largest potash producer, chipmaker TowerJazz , and Oil Refineries.

ICL posted a rise in profit to $289 million while TowerJazz recorded adjusted net profit of $32 million, largely flat from a year earlier and Oil Refineries, Israel’s biggest refinery, recorded a quarterly loss of $6 million, against a loss of $13 million.

The Better Place electric car venture, in which Israel Corp has a key stake, saw its loss widen to $51 million from $43 million. (Reporting by Steven Scheer)

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