An important contribution to Israel Corp.’s second quarter net profit came from Zim Integrated Shipping Services Ltd., which posted a net profit of $3 million, compared with a net loss of $186 million for the corresponding quarter. Zim reported its first operating profit – $46 million for the second quarter compared with an operating loss of $244 million for corresponding quarter – since the outbreak of the global crisis. Revenue rose 72% to $933 million for the second quarter from $542 million for the corresponding quarter.
Israel Corp. attributed the turnaround at Zim “not only to the dramatic improvement in the terms of trade in the global shipping industry, but also to the streamlining and restructuring measures that Zim is undertaking.”