Discount Investment Lost $184 Million on NY IPO

Discount Investment posted a net loss of about $184 million in the third quarter.

Discount Investment Corporation (TASE: DISI), controlled by Eduardo Elsztain and Moti Ben-Moshe, released its third quarter results yesterday evening. It emerges from the financials that Discount Investment made a provision of $184 million because of the cancellation of the New York IPO of agricultural chemicals company  Ltd. (TASE:ADMA.B1).

The provision against the investment in Adama was partially offset by finance income of about $146.8 million.

Discount Investment’s subsidiaries and associated companies contributed $12 million to its profit, compared with $42.3 million in the corresponding quarter of 2013.

The company posted a net loss of $46.3 million in the third quarter of 2014, compared with a net profit of $1.84 million in the corresponding quarter. In the first nine months of 2014, Discount Investment made a profit of $11 million, compared with a profit of $62.6 million in the corresponding period of 2013.

Published by Globes [online], Israel business news –

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