Israel Corporation Ltd. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
March 29, 2017 at 04:24 pm EDT
Israel Corporation Ltd. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2016. The company's consolidated net income for the fourth quarter of 2016 was $3 million compared with $50 million in the fourth quarter of 2015.
For 2016, the company's net loss was $116 million compared with a net income of $440 million for 2015. As a holding company, the company's consolidated financial results are impacted mainly by the results of its portfolio companies: ICL and Bazan. Net debt as of December 31, 2016 totaled $1,379 million. The net debt includes the impact of the fair value of the collar transaction, which decrease the economic value of the financial liabilities in the amount of $74 million. The net debt also includes the fair value of derivatives transactions, which increase the economic value of the financial liabilities in the amount of $4 million. This is compared with a net debt of $1,368 million as of September 30, 2016.