Discount Investment Corporation (TASE: DISI), a unit of IDB Holding Corp. Ltd. (TASE:IDBH), controlled by Nochi Dankner, published its financial report for the second quarter of 2013 on Friday. Net loss narrowed to NIS 29 million for the second quarter from NIS 1.26 billion for the corresponding quarter of 2012. The net loss for the corresponding quarter was due to a fall in value of investments and the sale of the stake in Maxima Air Separation Center Ltd. (TASE: MAXM-M).
Discount Investment reported a reduction in surplus cost of NIS 28 million for the second quarter, compared with a reduction in surplus cost of NIS 40 million for the corresponding quarter.
Discount Investment's revenue fell 4% to NIS 5.2 billion for the second quarter from NIS 5.4 billion for the corresponding quarter. The company reported a financing expense of NIS 5 million on current activity for the second quarter.
Among Discount Investment's subsidiaries, mobile carrier Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) contributed a profit of NIS 28 million, supermarket chain Shufersal Ltd. (TASE:SAE) contributed a profit of NIS 20 million, Koor Industries Ltd. (TASE:KOR) contributed NIS 30 million, Property and Building Ltd. (TASE: PTBL) contributed NIS 27 million, and Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) contributed NIS 3 million, but Elron Electronic Industries Ltd. (TASE: ELRN) contributed a loss of NIS 6 million.
Published by Globes [online], Israel business news - www.globes-online.com - on August 25, 2013
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