Technology holding company Discount Investments Corporation today revealed record third-quarter losses that far exceeded the figures cited in its earnings warning released two weeks ago.
DIC posted a net loss of NIS 417 million, bringing its nine-month loss to NIS 717 million.
Two weeks ago the company warned that it would be writing down investments by NIS 210 million, including NIS 63 million on its investment in Italian mobile phone company Golden Age, NIS 40 million on Gilat Satellite (Nasdaq:GILTF) and NIS 26 million on its investment in Scitex Corporation (Nasdaq:SCIX) shares.
Beyond that, its share in losses by Scitex comes to NIS 23 million.
Nor is that all. The biggest hole in DIC's results was ripped by the Tevel cable company, which lost NIS 180 million in the third quarter, compared with NIS 78 million in the second quarter. (At the time, Tevel said its losses wouldn't get worse. Wrong.)
That was little surprise. What was surprising was an NIS 29 million loss by car leasing company Albar.
Other problems included the NIS 30 million loss by El Yam Ships, an NIS 214 million loss by the Brazilian communications endeavor GVT (DIC's part of that comes to NIS 30 million), and an NIS 23 million loss by Elron Electronic Industries (Nasdaq:ELRNF) for the third quarter.
Profit-makers included Cellcom, SuperSol (NYSE:SAE), and the real estate company Property and Buildings. DIC's share in their profits came to NIS 82 million, with Cellcom alone contributing NIS 46 million.
It also saw some comfort from Given Imaging (Nasdaq:GIVN), which recently raised $60 million on Nasdaq. DIC holds, directly and indirectly through Elron, about 35% of the med-tech company's share capital.