Trader looks at market graph 311 (R).
(photo credit: REUTERS/Tony Gentile)
Israel Corporation reported lower profits on higher revenue for the second
quarter of 2011. Revenue rose to $3.14 billion from $2.54 billion for the
corresponding quarter of 2010, but net profit attributable to majority
shareholders fell by one third to $103 million ($20.75 per share) from $157
million. Net profit rose to $313 million for the second quarter from $301
million for the corresponding quarter.
Israel Corp. had $10 billion in
marketable assets at the end of June and $5.5 billion in
Wholly-owned Israel Corp. subsidiary Zim Integrated Shipping
Services Ltd. lost $68 million for the second quarter, compared with a net
profit of $3 million for the corresponding quarter. Revenue rose 7 percent to $1
billion for the second quarter from $933 million for the corresponding quarter,
thanks to a 9% increase in cargo carried to 596,000 containers from 547,000.
This was partly offset by a 2% drop in average cargo fees to $1,307 per
container in the second quarter from $1,328 per container in the corresponding
Wholly-owned subsidiary IC Power Ltd., which incorporates OPC
Rotem Ltd., which operates in Israel, and Inkia Energy Inc., which operates in
Latin America, posted a net profit of $8 million in second quarter, down from $9
million in the corresponding quarter. First half revenue rose 24% to $277
million from $223 million in the corresponding half, which the company
attributed to higher electricity production at its Peruvian unit Kallpa, and to
higher sales and prices in El Salvador.
Electric car venture Better Place
LLC narrowed its loss to $8 million for the second quarter from $31 million for
the corresponding quarter. Israel Corp's joint car venture in China,
Chery-Quantum LLC's second quarter loss rose to $32 million for the second
quarter from $1 million for the corresponding quarter.
public subsidiaries include Israel Chemicals Ltd., Oil Refineries Ltd., and
Tower Semiconductor Ltd.
Israel Corp’s share price fell 11.4% in morning
trading to NIS 2,890, giving a market cap of NIS 22 billion.