IDB Holding Corp. Ltd. (TASE:IDBH) holding Koor Industries Ltd. (TASE:KOR) reported a sharp drop in second quarter profit, mainly due to sharply lower gains from its holding in Credit Suisse.

Koor earned NIS 35 million net profit in the second quarter, down from NIS 1.371 billion in the corresponding quarter.

Revenue was NIS 407 million, down from NIS 1.658 billion in the corresponding quarter.

In the second quarter, Koor received NIS 262 million in dividend payments from Credit Suisse. The dividend offset a loss on shares during the month, and Koor said that of its quarterly profit, NIS 153 million came from its Credit Suisse stake. Koor also reported NIS 176 million of mostly financial and management charges.

In the second quarter of the previous year, Credit Suisse contributed NIS 1.51 billion to Koor's profit.

At the end of the second quarter, Koor held 38.46 million Credit Suisse shares, which represented 3.24% of the bank's share capital.

Koor shares were down 2.3% by mid-afternoon, following drops of 2.8% and 2.4% on the previous two days.

Published by Globes [online], Israel business news - www.globes-online.com - on August 12, 2010

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