Zim: $65 million profit in the 1st quarter

Zim Integrated Shipping Ltd, part of the Israel Corp. group, reported a $65 million profit in the 1st quarter of 2005, compared with $17 million in the 1st quarter of 2004.
 
According to the report, the turnover for the 1st quarter was $657 million, compared with $554 million in the equivalent quarter last year.
 
The increase in profits is partly due to capital gains from selling 3 vessels for the ammount of $111 millions, which added $31 millions after tax to the net profits.
 
 
Israel Corp.- Q1 record results
 
Israel Corporation made, as expected in the light of the boom in the fields of activity of its main holdings –Chemicals, shipping, and Oil Refineries, record financial results for the first quarter of 2005.
 
the corporation's first quarter net profit was NIS 479 million, 217% higher than in the first quarter of 2004 (NIS151m), mainly thanks to the results of its subsidiaries : Israel chemicals reported $95M profit, Zim Lines reported $65M profit and refineries reported NIS281M profit but also because of one-time profits of NIS 149 million from exits from investments, compared with NIS 41 million in capital gains in the corresponding quarter. Tower semiconductors ended first quarter with a loss of $55m.