Israel Corp reports Q1 loss of $82 million
Israel Corp. Ltd., a holding company with interests mainly in energy, shipping and chemicals, said Wednesday that its first-quarter loss widened despite slightly higher total revenue, as losses at its shipping and car subsidiaries canceled out higher profits elsewhere.
Net loss totaled $82 million, after a loss of $57 million in the first quarter of 2011. Revenue was $2.62 billion, up from $2.57 billion.
The company's wholly owned Zim Integrated Shipping Services reported a loss of $163 million, up from $111 million in the first quarter of 2011, mainly due to lower shipping fees and higher fuel prices globally.
Israel Corp. also reported a wider loss at its electric car venture Better Place, which totaled $53 million, up from $41 million. However, the quarterly loss at Oil Refineries Ltd. narrowed to $6 million from $27 million.
A rise in net profit at its ICL-Israel Chemicals Ltd. unit to $289 million from $280 million failed to make up for the losses at other Israel Corp.'s subsidiaries.
At 0746 GMT, shares of Israel Chemicals were down ILS0.04, or 0.10%, at ILS40.05. Shares of Israel Oil Refineries were down ILS0.03, or 1.57%, at ILS1.94, while shares of Israel Corp. were down ILS50.00, or 2.30%, at ILS2,121.00, in a lower Tel Aviv market.