Israel Electric Corporation (IEC) recorded revenue of NIS 5.4 billion in the first quarter of this year, which compares with NIS 5.7 billion in the first quarter of 2015. The 6% decline in revenue is mainly because of a reduction in the electricity tariff. The company posted a net profit of NIS 615 million, compared with NIS 52 in the corresponding quarter.
IEC's net debt at the end of the first quarter this year was NIS 43.6 billion, compared with NIS 44.6 billion at the end of the first quarter of 2015.
Power consumption was unchanged from the first quarter of 2015, at 11.9 billion kilowatt-hours.
IEC's finance expense totaled NIS 218 million in the first quarter this year, compared with NIS 572 million in the corresponding quarter last year, representing a decline of 62%. The decline is accounted for by an especially high figure last year and by revaluation of hedging deals at fair value.
IEC had net tax income of NIS 122 million in the first quarter of this year, compared with NIS 72 million in the corresponding quarter. The change is because of a reduction in companies tax, in consequence of which IEC revised its taxation reserve, resulting in income of NIS 332 million.
At the end of the first quarter of 2016, IEC's equity was NIS 17.1 billion, compared with NIS 16.7 billion at the end of the first quarter of 2015.
Published by Globes [online], Israel business news - www.globes-online.com - on May 29, 2016
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