Koor Industries (NYSE:KOR) reported a net loss of NIS 524 million for the third quarter.

For the nine months, the conglomerate has lost NIS 2.2 billion.

The quarterly loss results largely from writing down its investment in ECI Telecom (Nasdaq:ECIL) by NIS 337 million, consisting of NIS 264 million for goodwill and NIS 73 million from ECI's losses.

Television broadcasting company Telrad, which is fully owned by Koor, ended the third quarter with NIS 201 million sales, and losses of NIS 26 million ($6 million). The loss includes one-time charges of NIS 8 million ($2 million) for efficiency measures.

Koor is controlled by chairman Charles Bronfman, and vice chairman and CEO Jonathan Kolber.