Koor Net Profit Soars To ILS2.17 Billion On Credit Suisse Gains

Israeli investment company Koor Industries Ltd. (KOR.TV) said Monday its net profit for 2009 surged to 2.17 billion shekels ($586 million) from ILS238 million in 2008, mainly due to capital gains from buying and selling shares in Credit Suisse Group (CS).

Capital gains from investments in Credit Suisse totaled ILS2.64 billion in 2009. The gains were partially offset by losses at some of Koor's subsidiaries, including Makhteshim Agan Industries Ltd. (MAIN.TV), an agricultural fertilizer company, of which Koor owns 47%.

Koor's regular revenue from sales and operations, excluding these capital gains, fell to ILS1.22 billion from ILS2.16 billion a year earlier, mainly due to losses at MA Industries.

Net profit for the fourth quarter was ILS32 million, compared with a loss of ILS74 million a year earlier. A capital gain of ILS358 million from selling Credit Suisse shares also boosted fourth-quarter profit.

Koor has been buying and selling shares in Credit Suisse since late 2008, and currently owns 3.13% of the Swiss bank.

At 0910 GMT, shares of Koor were down ILS0.50, or 0.47%, at ILS106.80, in a lower Tel Aviv market.

-By Sara Toth Stub, contributing to Dow Jones Newswires; [e-mail]