November 27, 2012 / 1:05 PM / 5 years ago

Israel Corp profit rises on turnaround at shipping unit Zim

JERUSALEM, Nov 27 (Reuters) - Israel Corp, one of Israel’s largest holding companies, reported a rise in quarterly profit due to a move to a profit at its shipping unit, Zim.

Israel Corp said on Tuesday it earned third-quarter profit of $159 million, up from $151 million a year earlier.

Zim, which had been struggling on the heels of the global economic downturn, posted a profit of $16 million - its best period in two years - compared with a $66 million loss in the third quarter of 2011. It attributed its move to profitability to a recovery in the market and cost-cutting measures.

Israel Corp’s bottom line was also helped by a narrower loss at Oil Refineries, Israel’s biggest refinery.

The Better Place electric car venture, in which Israel Corp has a key stake, saw its loss widen to $71.2 million from $65.8 million.

Israel Corp is also the parent of Israel Chemicals (ICL) , the world’s sixth-largest potash producer and chipmaker TowerJazz . ICL posted lower quarterly profit of $395 million while TowerJazz’s profit excluding one-off items was unchanged at $32 million. (Reporting by Steven Scheer)

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