Nochi Dankner
Photo: Yonatan Bloom
IDB sees NIS 3.24B loss in 2011
Israel's largest business consortium sums up toughest year since 2003
IDB Holdings presented its annual performance report for 2011 over the weekend, summing up what has been called the consortium's toughest year yet, as the company noted a NIS 3.24 billion loss ($873 million) in 2011.
Controlled by businessman Nochi Dankner, IDB reported a loss of NIS 173 million ($46.6 million) in Q4-2011. The company attributed much of the loss to a weak annual performance by subsidiaries Supersal and Kor.
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IDB noted in its report that on Q3-2011, the company began implementing various steps to bolster its financial resiliency, focusing on leveraging the group's core-members' liquidity.
"We're presenting IDB's financial reports for 2011, which was the company's toughest year since 2003," Dankner told the board of directors.
"The most important thing now is that the results we're reporting reflect the performance of the second and third quarters of 2011. In the months since we've implemented several measures that stabilized the group... I believe 2012 will be a good year for IDB," he said.
Dankner further explained that the company's performance was the result of several "regulatory blows" alongside "a conservative accounting approach."
IDB, he added, "has stated in the past that it would like to move the bulk of its operation overseas and become a bigger player in the global market – but you can't become such a player without knowing how to handle global influences and crises.
"The group's liquidity and business diversity… have carried us through market fluctuations. For us, the most important thing is to exercise management responsibly in order to ensure IDB's stability in the long run," he said.
