Business Services Industry
Bear market bites IDB Holding.
Israel Business Today, June, 1994
IDB Holding corporation suffered a decline in net profit of NIS 31 million (approx. $10.3 million) in the first quarter of 1994, as a result of losses on the Tel Aviv Stock Exchange by its main subsidiary, the investment company IDB Development Corporation. The latter lost NIS 34 million ($11.3 million) on the TASE in the first quarter of the year, and approximately another NIS 10 million ($3.3 million) from the beginning of April until May 24, due to declines in the value of various securities held by companies in the group.
The IDB group suffered other declines in addition to those triggered by the TASE bear market. IDB Holdings turnover totaled NIS 253.2 million ($83.8 million) in the first quarter, compared to NIS 314.5 million ($104.1 million at the...
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