The Israel Corporation, controlled by the Ofer brothers, recorded its third consecutive poor quarterly showing with a NIS 54 million loss. In the parallel quarter, the company posted NIS 2 million in profits.

Most of the damage came from Oil Refineries, in which Israel Corp holds a 26% stake, which left last year's first quarter NIS 63.8 million profit behind for a NIS 93.4 million loss this time around. Zim also posted a loss, NIS 7.9 million, althoug the shipping company had posted NIS 5.9 million profit in the first quarter of 2001.

Tower, in which Israel Corp holds 31%, hit the company's bottom line with $12 million in losses in Q1 2002, after $7.1 million losses in the parallel reporting period.

While in Q1 2001, consolidated companies contributed NIS 17 million in profits to Israel Corp, this time there was a complete turnaround and their losses took NIS 62 million of the hlding company's bottom line.

The company's top line remained stable with NIS 2.12 billion in sales and services.

Shareholders equity at the close of the quarter amounted to NIS 2.19 billion, about 13.5% of its balance sheet.