Israel Railways today published its financial results for the third quarter of 2015 and the first three quarters of the year. Revenue totaled NIS 558 million in the third quarter, up slightly from NIS 544 million in the corresponding quarter last year.
Net profit plummeted from NIS 31.3 million in the third quarter of 2014 to NIS 7.5 million in the third quarter of this year, a 76% drop. The decrease in profit resulted from an NIS 8 million one-time expense for a payment to the Haifa municipality for a municipal property tax claim and wage expenses for employees.
Net profit sank from NIS 1.5 billion in the first nine months of 2014 to NIS 245.7 million in in the first nine months of 2015, an 83% decrease. Revenue was down from NIS 2.5 billion in January-September 2014 to NIS 1.6 billion in the first nine months of this year, a 36% decrease.
The number of passenger journeys rose from NIS 35.5 million in the first nine months of 2014 to 38.7 million in the first nine months of 2015, a 9% increase.
Israel Railways said that it had met its timetable 95.4% of the time in the first nine months of 2015, the same as in the corresponding period last year.
Published by Globes [online], Israel business news - www.globes-online.com - on November 26, 2015
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