Zim drags Israel Corp to Q4 loss

Israel Corporation's 2011 net profit plummeted despite revenue growth, and it posted a loss for the fourth quarter.

Full-year revenue rose 27% toUS$21.2-billion in 2011 from US$16.7-bn in 2010, but net profit fell 68% to US$151-million from US$473-m.

The company posted a net loss of US$52-m for the fourth quarter, compared with a net profit of US$161-m for the corresponding quarter of 2010.

Wholly-owned subsidiary Zim Integrated Shipping Services was responsible for the drop in profits and fourth quarter loss, said Israel Corps’ report. Zim posted a loss of US$397-m in 2011, compared with a profit of US$54-m in 2010, and it posted a loss of US$96-m for the fourth quarter, compared with a profit of US$151-m for the corresponding quarter.