Israel Corp Chairman Idan Ofer
Photo: Yaron Brener
Israel Corp Q1 profit edges higher
One of country's largest holding companies reports slightly higher quarterly net profit, helped by gain at its chemicals unit and narrower loss at its shipping subsidiary
Israel Corp, one of Israel's
largest holding companies, reported slightly higher quarterly net profit on Thursday, helped by a gain at its chemicals unit and a narrower loss at its shipping subsidiary.
The company posted first-quarter net profit of $49 million, or $6.58 per share, compared with profit of $48 million, or $6.30 a share, a year earlier.
Israel Corp benefitted from a rise in net profit at Israel Chemicals, the second-largest company on the Tel Aviv Stock Exchange by market value. Shipping unit Zim posted a narrower loss of $82 million from $119 million a year ago.
Its bottom line was weighed down by its Oil Refineries subsidiary moving to a quarterly loss.
Israel Corp also has a stake in chip firm TowerJazz and is an investor in electric car infrastructure firm Better Place. Better Place recorded a quarterly loss of $20 million, compared with a $16 million loss in the January-March period of 2009. TowerJazz's loss widened.
Israel Corp's total quarterly revenue slipped to $2.25 billion from $2.57 billion.
