The Water Business

Tahal (former Water Planning for Israel) is fully owned by Kardan Holdings of Joseph Grinfeld (pic). It is one of the largest water planning and enterprising companies in the world, yet it is losing money year after year. One of my students works there and says that all the senior people - some of them my friends - are being sacked. Well, it is only natural that young people is being advanced, but the environment appears to be rather stressed. In 2008 Kardan deleted 20 million dollars from its balance sheet because of Tahal's decrease in value. That year it lost 8 million euro from an income of 63 million. In 2007 it lost 6 million euro. I have no reliable figures for 2009 - 2011 but it appears that income is growing as well the losses. Kardan NV's share price has fallen 23% since the beginning of the year, Kardan Israel is down 40%. Water is a difficult business.