The profit figure broke the record the company itself held.
Net profit jumped at Israel Chemicals Ltd. (TASE: ICL) which reported its third quarter results today.
Consolidated net profit more than quintupled, and rose to $846 million. The figure does not include one-time charges, including a $400 million provision for the lower inventory value at its ICL Fertilizers unit due to lower sulphur prices, a $24 million provision for voluntary retirement benefits for employees at its ICL Industrial Products unit, and an $18 million provision for disputed VAT payments at its ICL Performance Products unit.
The profit is the largest ever for an Israeli company, breaking a record the company itself held.
Revenue more than doubled to $2.18 billion.
The company is a subsidiary of Israel Corp. (TASE: ILCO).
Published by Globes [online], Israel business news - www.globes-online.com - on November 25, 2008
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