Israel Corp Q1 net profit drops on ICL, Zim

TEL AVIV, May 27 (Reuters) - Israel Corp (ILCO.TA), one of Israel's largest holding companies, on Wednesday reported a sharp drop in quarterly profit due to lower earnings at its chemicals subsidiary and a wider loss at its shipping unit.

Israel Corp posted first-quarter net profit of $48 million, or $6.30 per share, compared with $111 million, or $15.05 a share diluted, a year earlier.

Revenue fell to $2.6 billion from $4.5 billion.

Israel Corp subsidiary Israel Chemicals (ICL.TA), a maker of fertilisers and specialty chemicals, recorded quarterly net profit of $159 million, down from $347 million a year earlier.

Shipping firm Zim had a loss of $119 million compared with a loss of $29 million a year earlier.

By contrast Israel Corp subsidiary Oil Refineries (ORL.TA), Israel's largest refiner, posted sharply higher net profit, while chipmaker Tower Semiconductor (TSEM.TA) (TSEM.O) had a narrower net loss. (Reporting by Tova Cohen; Editing by David Holmes)