Israel Electric Corporation (IEC) (TASE: ELEC.B22) has published its financial report for January-September 2013. Net income from electricity sales fell 3.7% to NIS 20.9 billion in January-September from NIS 21.4 billion in the corresponding period of 2012.
Operating profit fell to NIS 1.8 billion in January-September from NIS 1.97 billion in the corresponding period. Net loss narrowed to NIS 368 million in January-September from NIS 1.37 billion in the corresponding period.
Third quarter net profit fell to NIS 248 million from NIS 692 million for the corresponding quarter. Most of the reduction was due to NIS 163 million increase financing expenses, compared with the corresponding quarter, and a NIS 301 million increase in the tax expense, due to the companies tax hike.
IEC chairman Yiftach Ron-Tal said, "IEC continues to show improvement in its cash flow, due to the switch to cheaper and environmentally friendly Israeli natural gas. IEC financial soundness is important for the electricity economy and the country, and is made possible by dedicated employees, professional management, and government support. The company continues to bear the cost of fuels due to the gas crisis with Egypt."
Published by Globes [online], Israel business news - www.globes-online.com - on November 24, 2013
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