Israel Corporation Ltd. Reports Consolidated Earnings Results for the First Quarter Ended March 31, 2016
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.