Israeli Holding Firm Koor Industries Q1 Profit Dips

Israeli holding company Koor Industries reported a decline in quarterly profit on Tuesday, after the year-earlier period was boosted by a large tax benefit. Koor, which holds 3.21% of Credit Suisse, posted first-quarter net profit of 130.7 million shekels ($37 million), compared with 207.4 million shekels a year earlier when it received a tax boost of 68.5 million shekels. Revenue rose to 266.2 million shekels from 232.5 million.

Koor said it would post a gain of 190 million shekels in the second quarter from a dividend of 1.30 Swiss francs per share paid this month.
Koor also benefitted from a 29% rise in quarterly profit from MA Industries, the world's largest maker of generic crop protection products in which it owns 47%.

Earlier this month, China National Chemical Corp (ChemChina) received final government approval to buy control of MA. The deal, slated to close in the second or third quarters, values MA at $2.4 billion.

ChemChina will buy the 53% of MA held by the public for $1.27 billion and will pay Koor $168 million for another 7%.