JERUSALEM Aug 27 Israel Corp, one of
Israel's largest holding companies, reported a narrower
quarterly loss on Wednesday due to improvements in its oil
refinery and shipping units.
It was also boosted by modest growth in its subsidiary IC
Power, which expanded energy production in Latin America.
Israel Corp said its net loss narrowed to $20 million in the
second quarter from $89 million during the same period in 2013.
Quarterly revenue slipped to $2.79 billion from $2.98 billion.
Potash producer Israel Chemicals, Israel's Corp's
most lucrative holding, saw its profit drop in the second
quarter to $67 million from $316 million as it paid $135 million
from a royalty agreement with the government.
Oil Refineries moved to a profit of $4 million from
a $38 million loss last year. Profit from IC Power rose to $12
million from $11 million.
It was Israel Corp's first quarterly report since a $3.4
billion debt restructuring at shipping company Zim, which has
been hit hard by the global slowdown, but whose loss narrowed to
$69 million from $97 million.
Israel Corp saw its stake in Zim drop to 32 percent from
nearly 100 percent in the July 16 debt deal, though the results
reflect the months prior to overhaul.
Chinese-Israeli carmaker Qoros, a joint venture between
Israel Corp and Chery Automobile Co, posted a
quarterly loss of $78 million, compared with $40 million loss a
year earlier. Qoros expanded its operations to over 40
dealerships throughout China and launched its second model, a
hatchback, in June.
Chipmaker TowerJazz, another Israel Corp
subsidiary, posted a $15 million loss in the second quarter
versus a $23 million loss in 2013.
(Reporting by Ari Rabinovitch; Editing by Tova Cohen)