Israel Corp, one of Israel's biggest holding companies, swung to a quarterly net profit, helped by a dramatic turnaround at shipping unit Zim and the first profit in a decade at chipmaker TowerJazz, reported Reuters.
Israel Corp’s third-quarter net profit was US$107 million compared with a loss of $11 million a year ago.
Its results were boosted by Zim, which is benefiting from improved conditions in the shipping market. Israel Corp shareholders last November approved a debt restructuring plan for Zim, which was hit by the slowdown in global trade.
Zim posted a quarterly a net profit of $37 million compared with a loss of $208 million a year earlier.
Zim's revenue surged to $1.05 billion from $596 million due to a 31 percent rise in the number of containers shipped to 596,000 as well as a 46 percent increase in the average fee per container shipped to $1,496.
Semiconductor unit TowerJazz posted its first quarterly profit in 10 years, earning $1.2 million compared with a year-ago loss of $30 million.
Subsidiary Israel Chemicals (ICL) , the world's sixth-largest potash maker, earned quarterly profit of $242.9 million, down from $256.6 million a year earlier.
Oil Refineries, Israel's biggest oil refiner, posted third quarter net profit of $25 million compared with $100 million a year ago.
Israel Corp is also a key investor in an electric car venture called Better Place, which is backed by the Renault-Nissan alliance.
The Ofer Group owns 55 percent of Israel Corp, and Bank Leumi, the country's largest bank, holds 18 percent.
Israel Corp’s third-quarter net profit was US$107 million compared with a loss of $11 million a year ago.
Its results were boosted by Zim, which is benefiting from improved conditions in the shipping market. Israel Corp shareholders last November approved a debt restructuring plan for Zim, which was hit by the slowdown in global trade.
Zim posted a quarterly a net profit of $37 million compared with a loss of $208 million a year earlier.
Zim's revenue surged to $1.05 billion from $596 million due to a 31 percent rise in the number of containers shipped to 596,000 as well as a 46 percent increase in the average fee per container shipped to $1,496.
Semiconductor unit TowerJazz posted its first quarterly profit in 10 years, earning $1.2 million compared with a year-ago loss of $30 million.
Subsidiary Israel Chemicals (ICL) , the world's sixth-largest potash maker, earned quarterly profit of $242.9 million, down from $256.6 million a year earlier.
Oil Refineries, Israel's biggest oil refiner, posted third quarter net profit of $25 million compared with $100 million a year ago.
Israel Corp is also a key investor in an electric car venture called Better Place, which is backed by the Renault-Nissan alliance.
The Ofer Group owns 55 percent of Israel Corp, and Bank Leumi, the country's largest bank, holds 18 percent.