Israel Corp. (TASE: ILCO) today published its consolidated financial reports for the fourth quarter of 2006 and the year as a whole. Profit fell despite an increase in revenue.
Israel Corp. posted NIS 27.9 billion revenue in 2006, up 5.5% on 2005, but net profit fell 46% to NIS 855 million.
Israel Corp. fully owns Zim Integrated Shipping Services Ltd. and owns stakes in Israel Chemicals Ltd. (TASE: CHIM) and Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM).
The results of Israel Chemicals and Zim hurt Israel Corp.’s results for the year as a whole. Israel Chemicals’ net profit was down 11% and Zim’s net profit was down 57%. On the other hand, Tower Semiconductor narrowed its loss last year.
Israel Corp. posted NIS 7.1 billion revenue for the fourth quarter, down 1% on the corresponding quarter of 2005, but net profit rose 3.7% to NIS 244 million. Israel Chemicals’ net profit for the quarter rose, compared with the corresponding quarter, but Zim’s net profit was down 71%. Israel Corp. also reported one-time expenses of NIS 64 million for the fourth quarter, compared with NIS 42 million for the corresponding quarter.
In February 2007, Israel Corp. paid NIS 2.43 billion for its stake in Oil Refineries Ltd. (TASE:ORL) in the company’s IPO. The company has subsequently bought more shares on the TASE, boosting its stake to 40.9%. The joint holding in Oil Refineries, together with Israel Petrochemical Enterprises Ltd. (TASE:PTCH), through Petroleum Capital Holdings Ltd., is 46%.
Published by Globes [online], Israel business news - www.globes.co.il - on March 28, 2007
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