Revenues from the sale of electricity rose 20.7%, and amounted to NIS 2.5 billion.
Israel Electric Corporation (IEC) ended Q1 2000 with NIS 162.6 million net profit, compared with NIS 30 million in the corresponding quarter of 1999, constituting a 442% rise. IEI's board of directors today approved the financial statements.
Revenues from the sale of electricity were 20.7% higher than the corresponding period last year, and amounted to NIS 2.5 billion. This stems from a 16% higher demand, due to the particularly cold winter.
The average price for electricity, determined by the Electricity Public Services Authority, was NIS 0.2665 per kwh, up 3.5% compared with NIS 0.2575 in the corresponding period in 1999. This followed a steep rise in the price of fuel. In order to meet increased demand, IEI also operated gas turbines at power stations, which burn diesel oil, a more expensive energy source.
Acting general manager Yaakov Razon said that the most outstanding figure in the quarter was the streamlining percentage of the company's operating expenses, which reached over 13%.
Published by Israel's Business Arena on 25 May, 2000