Israel Corporation Ltd. reported consolidated earnings results for the first quarter ended March 31, 2016. IC's consolidated net income for the first quarter of 2016 was $9 million, compared with $271 million in the first quarter of 2015. As a holding company, IC's consolidated financial results are primarily impacted by the results of its portfolio companies ICL and Bazan. ICL's contribution to IC's first quarter 2016 net income was $32 million, compared with $106 million in the first quarter of 2015. Bazan's contribution to IC's first quarter 2016 net income was $14 million, compared with $30 million in the first quarter of 2015. Net debt as of March 31, 2016 totaled $1,536 million (which includes the impact of the fair value of the collar transaction and the fair value of derivative transactions, decreasing the economic value of the financial liabilities by $75 million and $1 million respectively), compared with a net debt balance of $1,466 million as of December 31, 2015.