Zim's third quarter loss compares unfavorably to a $61 million third quarter loss in 2008. The line is expected to lose up to $1 billion through 2013 and needed financial bolstering from its shareholders in order to survive a torrid 2009.
Shareholders have agreed to inject $450 million into the line, with the majority to be converted to equity once its operations return to profitability, which the line is forecasting will occur in 2012.
By the end of September, the line had a capital deficit of $2 billion and lost $302 million in the first half, according to the Israeli newspaper Haaretz.
Israel Corp., with a host of business ranging from chemicals to oil to semiconductor manufacturing, posted profit of $253 million in the third quarter of 2008, showing how far Zim's travails have dragged on its bottom line.
