Israel Corporation (TASE: ILCO) widened its net loss, despite higher revenue for the first quarter of 2012, as heavy losses by Zim Integrated Shipping Services Ltd. and Better Place Inc. more than offset higher profits from Israel Chemicals Ltd. (TASE: ICL).
Revenue rose to $2.62 billion for the first quarter from $2.58 billion for the corresponding quarter, but net loss attributable to equity shareholders rose 47% to $82 million ($10.64 per share) from $57 million.
Zim's losses rose to $163 million for the first quarter from $111 million for the corresponding quarter, Oil Refineries Ltd. (TASE:ORL) narrowed its net loss to $6 million from $27 million, electric car venture Better Place widened its net loss to $51 million from $43 million, the joint Chinese car venture Qoros Auto Co. Ltd. narrowed its loss to $19 million from $48 million, Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) widened its net loss to $13 million from $9 million.
On the positive side, Israel Chemicals' profit rose to $289 for the first quarter from $280 for the corresponding quarter, and the profit of IC Power Ltd., which handles the company's global electricity operations, rose to $12 million from $11 million.
Israel Corp's share price rose 0.1% in early trading today to NIS 2,172, giving a market cap of NIS 16.7 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on May 30, 2012
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