Israel Corp Swings To Q1 Loss On Weak Shipping Unit
Israel Corp, one of Israel's largest holding companies, said on Thursday it swung to a loss in the first quarter, hurt by poor results in its shipping unit. The company posted a quarterly loss of $53 million, compared with profit of $49 million a year earlier.
Israel Corp is the parent of Israel Chemicals (ICL) , the world's sixth-largest potash maker and the second-largest company on the Tel Aviv Stock Exchange by market capitalization, and of shipping firm Zim, chipmaker Tower Jazz and Oil Refineries.
Zim's loss widened to $111 million from $82 million. Similarly, the Better Place electric car venture in which Israel Corphas a key stake lost $43 million in the quarter versus $20 million in the first three months of 2010.
Offsetting Israel Corp's losses was a 16% rise in quarterly profit at ICL, a maker of fertilizers and specialty chemicals.
Tower's loss narrowed to $9 million from $34 million.
Israel Corp is controlled by the Ofer Brothers, Israel's richest family. The Ofers were one of the companies to be hit with U.S. sanctions this week for trade with Iran in connection with the same of a tanker to an Iranian shipping line. The Ofers have denied any wrongdoing.
