Israel Corp. Declares $89 Million Q2 Loss; Israel Chemicals, IC Power Rare Bright Spots

Holding company’s subsidiaries either report shrinking profits or losses in second quarter, with Zim shipping company taking biggest hit.

Eran Azran
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Eran Azran

The Israel Corporation on Thursday reported a second-quarter loss of $89 million, a sharp turnaround from the same quarter last year, for which the holding company reported netting $84 million.

Second-quarter revenues at the Israeli giant reached $2.98 billion this year, compared to $3.14 billion last year. The company's controlling shareholder is Idan Ofer, Israel's wealthiest man.

The Israel Corporation announced in June that it would split its holdings in subsidiary companies into two separate companies, in order to reduce the gap between the net value of its assets and their market capitalization.

The results at Israel Corporation's subsidiaries were generally negative, with either falling profits or losses. Among those declaring profits, Israel Chemicals (ICL) reported a drop in second quarter profits to $316 million this year (from $408 million last year). IC Power, Israel Corporation's power generation company, finished the quarter with a net profit of $12 million, compared to $13 million the previous year.

Among the holding company's subsidiaries declaring losses, the biggest was Zim Integrated Shipping Services, which ended the quarter with a loss of $97 million, versus a $47 million loss the previous year. Oil Refineries, in which the Israel Corporation holds a 37% stake, ended the second quarter with a net loss of $31 million compared to a $46 million loss the previous year.

Computer-chip maker TowerJazz finished the second quarter with a $23 million loss compared to a $6 million loss last year. Qoros, a joint venture between the Israel Corporation and Chinese automaker Chery Automobile, posted a quarterly loss of $40 million, compared with $13 million a year earlier.

Israel Corp.’s Idan Ofer.Credit: Aviv Hofi
Israel Electric Corp.’s Hadera power station.Credit: Tal Cohen

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