Israel Corp loss deepens as shipping, electric car units falter
JERUSALEM, March 21
JERUSALEM, March 21 (Reuters) - Israel Corp, one of Israel's largest holding companies, reported a sharply wider loss in the fourth quarter due to steeper losses at its shipping and electric car units and a 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.
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.