Discount Investment provides NIS 700m against Adama

Moti Ben-Moshe and Eduardo Elsztain
Moti Ben-Moshe and Eduardo Elsztain

Discount Investment posted a net loss of NIS 176 million in the third quarter.

Discount Investment Corporation (TASE: DISI), controled by Eduardo Elsztain and Moti Ben-Moshe, released its third quarter results yesterday evening. It emerges from the financials that Discount Investment made a provision of NIS 700 million because of the cancellation of the New York IPO of agricultural chemicals company Adama Holding Ltd. (TASE:ADMA.B1).

The provision against the investment in Adama was partially offset by finance income of NIS 558 million.

Discount Investment's subsidiaries and associated companies contributed NIS 46 million to its profit, compared with NIS 161 million in the corresponding quarter of 2013.

The company posted a net loss of NIS 176 million in the third quarter of 2014, compared with a net profit of NIS 7 million in the corresponding quarter. In the first nine months of 2014, Discount Investment made a profit of NIS 42 million, compared with a profit of NIS 238 million in the corresponding period of 2013.

Published by Globes [online], Israel business news - www.globes-online.com - on December 1, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

Moti Ben-Moshe and Eduardo Elsztain
Moti Ben-Moshe and Eduardo Elsztain
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