The IDB Group, one of Israel’s largest business groups, which holds leading corporations in key business sectors, posted a $250 million loss for 2014, compared with a loss of only $38 million in 2013, Globes reported.
The group’s revenue in 2014 totaled $530 million, a bit less than in 2013.
IDB Development is controlled by the partners Moti Ben-Moshe and Eduardo Elsztain, who’ve been engaged in a battle over running the show for several months now.
They bought control of IDB last year, from the previous controlling shareholder Nochi Dankner, who got into a debilitating amount of debt.
Ben-Moshe and Elsztain have yet to agree on how to go about saving their group from its woes. They may be going to arbitration.
IDB blamed the sad 2014 results on two of their subsidiaries: Discount Investment Corporation (TASE: DISI), was reevaluated down by $174 million, and Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS), which suffered a devaluation of $90 million.
Otherwise it’s all good.
IDB’s website states: “Our vision is to maximize shareholder value and group value by embracing change as a source of business opportunities; strengthening our companies’ performance and leadership; gaining an important foothold in global, rapid-growth markets; and standing as the uniting force for all our companies.”
Now all they have to do is ask Ben-Moshe and Elsztain to read it.