Israel Corp swings to Q4 loss on weak shipping unit

Newswire

JERUSALEM, March 29 (Reuters) - Israel Corp, one of Israel's largest holding companies, said on Thursday it swung to a quarterly loss, hit by a loss at its shipping unit. Israel Corp posted a fourth quarter loss of $52 million, compared with profit of $161 million in the 2010 period. Shipping unit Zim lost $150 million in the quarter after a profit of $96 million a year earlier. Zim attributed the loss to tough conditions in the global market and rising competition. Also weighing on Israel ...

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