Israel Corp's electric car unit falters
One of country's largest holding companies reports sharply wider loss in fourth quarter due to steeper losses at its shipping and electric car divisions, smaller profit at its chemicals subsidiary
Israel Corp said on Thursday its quarterly loss deepened to $196 million from $25 million a year earlier.
Hurt by tough global economic conditions, shipping unit Zim recorded a loss of $239 million in the fourth quarter versus $151 million a year earlier.
The Better Place electric car venture, in which Israel Corp has a key stake, made a quarterly loss of $231 million, down from a $59 million loss in the October-December period in 2011.
Israel Corp is also the parent of Israel Chemicals (ICL), chipmaker TowerJazz and Oil Refineries, and holds a stake in Chinese-Israeli carmaker Qoros.
ICL, the world's sixth largest potash producer, posted a $210 million profit in the fourth quarter, compared with $370 million a year earlier.
Oil Refineries, Israel's biggest refinery, narrowed its quarterly loss to $72 million from $75 million.
TowerJazz's loss was unchanged at $24 million.
Qoros, a joint venture between Israel Corp and Chery Automobile Co posted a quarterly loss of $55 million, compared with $13 million a year earlier.
