Israel Corporation (TASE: ILCO) reported a third quarter profit today, a turnaround from the loss it reported in the corresponding quarter of 2009.
The company reported a profit attributed to owners of $107 million, compared with a loss of $11 million in the corresponding quarter.
Zim Integrated Shipping Services Ltd., one of the holding company's main units, ended the quarter with a $37 million profit, compared with a loss of $208 million in the corresponding quarter. Zim's third quarter revenue was NIS 3.86 billion, 77% more than the NIS 2.184 billion (about $596 million) in the corresponding quarter. The gain came from a rise in quantity shipped, in shipping rates, and from revenue from other services. Shipping rates rose about 46% compared with the corresponding quarter.
Of Israel Corp's other holdings, Israel Chemicals Ltd. (TASE: ICL) profit was about NIS 891million, Oil Refineries Ltd. (TASE:ORL) profit fell to about NIS 92 million, and profit rose to NIS 40 million at Inkia Energy Ltd., from about NIS 8 million in the corresponding quarter.
Electric car venture Better Place lost about $32 million, as it advanced its research and development, and moved toward setting up its infrastructure in Israel and Denmark. Israel Corp is a major investor in Better Place.
Published by Globes [online], Israel business news - www.globes-online.com - on November 25, 2010
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