Business in Brief

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Property sales propel Tnuva’s profits in 2012

Tnuva is expected to report NIS 1.1 billion to NIS 1.2 billion in net profit for 2012, compared with just NIS 50 million in 2011, according to Mivtach Shamir Holdings, 20.7% owner of Israel’s largest food producer. Tnuva has been boosted by NIS 810 million in profits from selling real estate, compared with NIS 60 million in 2011. Revenues are expected at between NIS 6.8 billion and NIS 6.9 billion. For 2012, Tnuva has forecast its earnings before interest, tax, depreciation and amortization at between NIS 815 million and NIS 825 million, with net financial debt between NIS 355 million and NIS 365 million. (Yoram Gabison)

Biocord owner says he’s pulling the plug on umbilical cord storage freezer

Biocord, the troubled firm that stores umbilical cord blood for private clients for future medical use, will today be shutting off its freezers in Rishon Letzion where the samples are stored, owner and CEO Miki Shaham announced Thursday. Shaham also said he is leaving the company and cutting all ties to the venture. The move is in apparent violation of a court order and directives from the Health Ministry. Shaham invited his former clients to pay NIS 1,000 to join him in setting up a separate “cooperative association” through which they could salvage their blood samples. Biocord also goes by the name LifeBank. (Ronny Linder-Ganz)

Tnuva dairy products.Credit: Hagay Frid