Polar Investments, formerly Poalim Investments, continues to post heavy losses. For the third quarter it reported losing NIS 41 million, compared with netting NIS 13.6 million in the corresponding quarter of last year.
In the second quarter the Tel Aviv-listed investment company lost NIS 18 million.
For the first nine months of 2001 Polar lost NIS 94.6 million, compared with netting about NIS 120 million in the comparable period of last year.
Polar subsidiary Koonras Technologies, which is run by Rimon Ben-Shaoul, lost NIS 4.7 million in the third quarter, and NIS 25 million in the first nine months of the year. Some NIS 17.4 million relates to write-offs. Koonras invested NIS 81 million in technology and venture capital funds, of which NIS 37 million was invested in Nice Systems (Nasdaq:NICE) alone.
Polar wrote down NIS 11.3 million for the third quarter, largely on adjusting the value of its investment in Poalim Communications. The latter reported NIS 14.2 million losses for the third quarter. The Polar write-down is also due to eroded investments in Koonras, and to Polar write-downs in its securities portfolio.
Polar is member of the Shrem Fudim Kelner group.