Koor Slides To Q4 Loss

Israeli holding company Koor Industries slid to a large net loss in the fourth quarter, weighed down by its holdings in Credit Suisse and agrochemicals maker MA Industries.

Koor recorded a quarterly loss of 419 million shekels ($118 million), compared with a profit of 32 million shekels a year earlier, when it posted a gain from the sale of Credit Suisse shares. Koor holds a 3.24% stake in the Swiss bank.

Credit Suisse missed expectations with a quarterly profit of 841 million Swiss francs.

Much of Koor's fourth-quarter loss came from a large $159 million loss at MA, the world's biggest maker of generic crop protection products in which Koor owns 47%.