Clal Industries & Investments again posted poor quarterly results, ending in a net loss of NIS 147 million. For the same quarter last year it netted NIS 39 million.
The company had to write down investments by NIS 263 million, rather less than the sum pre-announced last week.
The write offs were of investments in Fundtech (Nasdaq:FNDT) (NIS 96 million), Clal Electronics, the results of whom were combined with Clal Industries¿ results following the merger between the two, (NIS 37 million), Tioga Technologies (Nasdaq:TIGA) (NIS 24 million), Scitex Corporation (Nasdaq:SCIX) (NIS 24 million), ECI Telecom (Nasdaq:ECIL) (NIS 36 million) and other companies (NIS 45 million).
For the first nine months of fiscal 2001 Clal Industries lost a net NIS 433 million, compared with netting NIS 204 million in the same period of last year.
The worst investment for Clal Industries in the was Fundtech, responsible for 27% of the total write-down. Fundtech itself wrote off NIS 41 million due to depreciation of its investments and an increase in its doubtful debt.
Clal Industries took a beating on both traditional and hi-tech industries.
Cement and building materials provider Mashav, in which Clal has a 75% stake, ended the quarter with a profit of NIS 48 million, 12% below its profit in the comparable quarter last year.
If Clal hadn't sold 25% of Mashav to the Irish company CRH in August 2001 for NIS 600 million - which brought it a capital gain of NIS 261 million in the third quarter, when the deal was booked - its report would have looked even worse.
Profits of American-Israeli Paper Mills (33%) also slid, to NIS 6 million as opposed to NIS 17 million in the same quarter last year.
Kitan Textile Industries (73%) brought a token profit of NIS 0.5 million, compared with the NIS 7 million profit in the same quarter last year.
Textile and fashion group Polgat, another Clal holding (61%), lost NIS 2.7 million, compared with a profit of NIS 700,000 it posted for the same quarter last year.