Business in Brief
Israel Chemicals reports lower net profit; Wix.com reports narrower adjusted loss; TASE mixed as gas shares drop.
ICL profit drops, sees potash demand recovering in 2014
Israel Chemicals reported lower fourth-quarter net profit and said the recovery of potash demand seen in 2013 was continuing in 2014. In preliminary unaudited results, ICL - the world’s sixth-largest producer of potash - said Wednesday it earned $119 million in the October-December period, compared with $208 million a year earlier. Revenue rose 9% to $1.42 billion. ICL was forecast to record net income of $168 million on revenue of $1.32 billion. The company said it paid a one-time tax expense of $118 million for the release of $1.07 billion in trapped earnings, profit of multinationals after they had been provided with tax exemptions as incentive for capital investments. (Reuters)
Wix.com reports Q4 loss narrows
Wix.com, which helps companies build and operate websites, reported a narrower adjusted loss in the fourth quarter as revenue surged on a jump in premium subscriptions. The Israeli company, which raised over $122 million in an initial public offering on Nasdaq in November, posted a quarterly loss excluding one time items of 29 cents per share compared with a loss of 56 cents a share a year earlier. Revenue rose 88 percent to $24.9 million, it said Wednesday. Analysts were expecting the company to lose 14 cents per share on revenue of $23.6 million, according to Thomson Reuters I/B/E/S. (Reuters)
TASE mixed as gas shares drop
The Tel Aviv Stock Exchange closed Wednesday's trading session mixed with a negative bias on Wednesday, as trading opened in the red on Wall Street. The blue-chip Tel Aviv-25 Index closed virtually unchanged at 1,310 points, while the broader Tel Aviv-100 Index gained 0.10% to close at 1,210 points. Technology shares gained 0.8%, while oil and gas shares dropped 0.9%. Total turnover was 1.220 billion shekels. Notable shares included oil and gas exploration company Givot Olam, which dropped 5.6% on its announcement that it had not received indications regarding its exploratory drilling at Meged 6. Alot Communications gained 5.5% after publishing its quarterly reports. (Dror Reich)