Zim pulls Israel Corporation bottom-line into red

Jerusalem: Israel's largest holding company, Israel Corporation reported a third quarter net loss of $11 million, compared with profit of $253 million in the corresponding quarter of 2008, writes Globes. 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.  [27/11/09]