News Briefs

  8/22/2011, Av 22, 5771

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.