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Israel Corp narrows loss on smaller loss at shipping unit Zim
May 30, 2013 / 6:48 AM / 4 years ago

Israel Corp narrows loss on smaller loss at shipping unit Zim

JERUSALEM, May 30 (Reuters) - Israel Corp, one of Israel’s largest holding companies, cut its quarterly loss in half due to a narrower loss at shipping unit Zim and higher profit at its chemicals subsidiary.

Israel Corp posted on Thursday a first-quarter net loss of $41 million compared with $82 a year earlier. Its revenue rose to $2.79 billion from $2.55 billion a year earlier.

Shipping unit Zim, which has been hurt by tough economic conditions, recorded a loss of $112 million, compared with a loss of $163 million in the first three months of 2012.

Israel Corp is also the parent of Israel Chemicals (ICL) , chipmaker TowerJazz and Oil Refineries , and holds a stake in Chinese-Israeli carmaker Qoros.

It also held a key stake in the Better Place electric car venture. Better Place, whose battery charging network had aimed to boost electric car sales, earlier this week filed a motion to wind up the company after losing more than $800 million since 2008. It lost $48 million in the first quarter.

ICL, the world’s sixth largest potash producer, posted a $305 million profit in the first quarter, compared with $289 million a year earlier.

Oil Refineries, Israel’s biggest refinery, moved to a quarterly net profit excluding one-time items, while TowerJazz posted a smaller adjusted profit.

Qoros, a joint venture between Israel Corp and Chery Automobile Co posted a quarterly loss of $23 million, compared with $19 million a year earlier. (Reporting by Steven Scheer)

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