Israel Corporation (TASE: ILCO) swung to a net loss for the first quarter of 2011 as losses at Zim Integrated Shipping Services Ltd. worsened, which could not be offset by strong results by Israel Chemicals Ltd. (TASE: ICL).
Israel Corp.'s revenue rose 14.4% to $2.58 billion for the first quarter from $2.25 billion for the corresponding quarter of 2010. However, the company posted a net loss of $53 million for the first quarter compared with a net profit for the corresponding quarter. The company attributed much of the loss to a 10-fold increase in net financing expenses to $164 million for the first quarter from $16 million for the corresponding quarter.
Cash flow from operations fell to $142 million for the first quarter from $228 million for the corresponding quarter.
Among Israel Corp's holdings, Israel Chemicals Ltd. (TASE: ICL) contributed $147 million to Israel Corp's first quarter results, up from $126 million. IC Power, including Inkia Energy Inc. contributed $11 million, down from $15 million for the corresponding quarter.
But Zim Integrated Shipping Services Ltd. caused Israel Corp a $111 million first quarter loss, up from $82 million for the corresponding quarter. Zim's revenue rose to $912 million for the first quarter from $745 million for the corresponding quarter, which the company attributes to an increase in shipping volumes and higher rates.
Oil Refineries Ltd. (TASE:ORL) contributed a $6 million loss, up from $1 million for the corresponding quarter; Better Place LLC contributed a $14 million first quarter loss, up from $9 million for the corresponding quarter, and Israel Corp's Chinese joint car making venture Chery Quantum Auto Company's rose 12-fold to $12 million for the first quarter from $2 million for the corresponding quarter. Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM) loss narrowed to $3 million for the first quarter from $13 million for the corresponding quarter.
Israel Corp's share price was unchanged in morning trading at NIS 1,310, giving a market cap of NIS 27.8 billion. The share price is down 13.7% since the beginning of the year.
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