It was another quarter of heavy losses for the Tel Aviv-traded Israel Land Development Corporation.
The company, run by the Nimrodi family, reported losing NIS 28.6 million for the third quarter of 2001, compared with netting NIS 2 million in the parallel quarter of last year.
In the first nine months ILDC lost NIS 64.7 million, compared with netting NIS 30 million in the parallel period of 2000.
Most of the damage in ILDC's bottom line was inflicted by the Ma'ariv publishing group, which puts out the popular daily newspaper Ma'ariv. The Ma'ariv group lost NIS 16.5 million for the quarter as advertising revenue eroded, due to the double whammy of escalating hostilities and the economic slowdown.
Consolidated results of the Ma'ariv group also included losses generated by music company Hed Arzi, which can't seem to get anywhere near the black.
Optima, which handles the ILDC's real estate activities, brought no joy either with its NIS 3.5 million loss.
ILD Hotels did even worse, losing NIS 4.7 million for the quarter as Israel's tourism industry implodes.
Insurance disappointed, as ILD Insurance Holdings reported a third-quarter loss of NIS 4.5 million, compared with netting NIS 450,000 in the corresponding quarter of 2000.