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  Av 22, 5771 , 22/08/11

IEC Nets NIS 506 Million in First Half of 2011

The Israel Electric Company announced Monday that it had earned a net profit of NIS 506 million in the first half of 2011. The gain contrasted with a loss of NIS 100 million in 2010. The IEC's revenues increased by 23% for the first half of this year.

Last week, the IEC hiked electricity prices by some 10%, saying that higher oil costs and the cutoff of gas from Egypt required them to charge higher rates.

Other archived news briefs:Aug 22 2011, 03:45 PM, 8/22/2011