Israel Corporation (TASE: ILCO) reported a loss of $20 million in the second quarter of 2014, down from $89 million in the corresponding quarter of 2013. The vastly improved results stemmed from improved performance by Zim Integrated Shipping Services Ltd and Oil Refineries Ltd. (TASE:ORL).
Zim lost $69 million in the second quarter of 2014 compared with a loss of $97 million in the corresponding quarter. Oil Refineries made a profit $4 million in the second quarter compared with a loss of $38 million in the corresponding quarter.
Israel Corp.'s Chinese car venture Qoros lost $78 million in the second quarter of 2014 compared with $40 million in the corresponding quarter with revenue of $54 million in the first half of 2014. The company has sold 2,540 cars as of the end of the second quarter.
IC Power saw revenue nearly double in the second quarter to $337 million from $176 million in the corresponding quarter but net profit in the second quarter was only slightly up to $12 million from $11 million in the corresponding quarter.
Published by Globes [online], Israel business news - www.globes-online.com - on August 27, 2014
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