Zim's revenue sank nearly 50% to $596 million.
Israel's largest holding company, Israel Corp. (TASE: ILCO) reported a third quarter net loss of $11 million, compared with profit of $253 million in the corresponding quarter of 2008. The company released its third quarter financial results this morning.
The company's troubled shipping unit, Zim Integrated Shipping Services Ltd., reported a loss attributable to Israel Corp. shareholders of $208 million, compared with a loss of $61 million in the corresponding quarter. Expectations were for Zim's loss to reach $120 million.
Zim's revenue sank nearly 50% to $596 million, compared to $1.18 billion in the corresponding quarter. The drop in revenue flowed mainly from a drop in quantity shipped, a drop in shipping charges, and lower subsidiary revenue.
Published by Globes [online], Israel business news - www.globes-online.com - on November 26, 2009
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