Israel Chemical Posts Losses For First Time
For the first time in its history, Israel Chemicals Ltd has reported a loss. The firm posted a net loss for 1995 of NIS78.2 million ($26 million), compared with profits of NIS120 million in 1994. In the fourth quarter of 1995 the loss was NIS30 million, compared with NIS9.6 million a year earlier.
The loss was attributed to reorganization programs aimed principally at the loss-making subsidiary Fertilizers and Chemicals, and Tami, ICL's R&D company. In 1995, the former made a loss of NIS234 million. Excluding the one-time charge of NIS194 million, profits would have been NIS116 in 1995, according to the company.
1995 group sales were NIS4.3 billion, up 17%. Operating profits rose 19% to NIS348.3 million. This was driven by increases in sales volumes of the firm's main products and an improvement in international prices.
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