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Green loses NIS 57m for Q3

Fund of funds made zero on asset sales this Q3, and posted major write-offs

Green Venture Capital stock been skyrocketing on the Tel Aviv Stock Exchange for days, but the reason certainly doesn't lie in the fund of fund's third-quarter report.

Green posted a net loss of NIS 56 million, compared with losing NIS 9 million in the parallel quarter of 2000.

For the first nine months Green, controlled by businessman Yitzhak Tshuva, has lost NIS 102.6 million, compared with netting NIS 35.1 million in the corresponding period of last year.

Green's affiliated companies have contributed an NIS 86.1 million loss for the nine months. Most of the damage was caused by Inventech, which alone generated a loss of NIS 37.5 million for Green, of that NIS 10 million in the third quarter.

The Aura investment company cost Green NIS 24.9 million for the nine months, and its investment in Samurai cost Green another NIS 18.2 million.

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From the onset of 2001 Green has written down its venture investments by NIS 27.9 million, including in Frankfurt-traded VCON.

Green's income from divesting venture investments and management fees came to NIS 928,000 in the third quarter, compared with NIS 13.5 million in the parallel quarter. But that's only formally. In fact, in the third quarter of this year, the company posted not one agora from selling any venture investments.

Revenue from sales and management fees came to almost NIS 51 million for the three quarters.

Financing costs were NIS 19.5 million for the three quarters, compared with financing income of NIS 3.8 million for the parallel period.

Green's cash and cash equivalents stood at NIS 108 million at the end of the third quarter. Its long-term commitments total NIS 315.3 million. It owes Bank Leumi alone some NIS 298 million.