Israel Electric Corp.'s third-quarter net profit rose threefold as earnings benefited from a fall in taxes and the increased use of natural gas, the company said on Thursday.
Net profit in the three months ending on September 30 rose to NIS 1.34 billion from NIS 440 million in the same period a year earlier, with the company saving $1m. a day from its move to natural gas and from making a gain of NIS 834m. due to a fall in the tax rate.
Revenue rose to NIS 5.23b. from NIS 4.4b., boosted by an 8% increase in volume and an 11% increase in tariffs. The company collected 40.38 agorot per kilowatt hour compared with 36.71. last year.
Nine-month net profit fell to NIS 1.4b. from NIS 2.6b. and revenue rose to NIS 12.7b. from NIS 11b., while the company also raised NIS 4.8b. in bonds during the period.
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after it said third-quarter net profit fell 29% and revenue slipped 3%, due to the conclusion of major contracts.
The Givat Savyon based company said on Thursday that in the three months ending on September 30, net profit fell to $484,000 from $680,000 in the same period a year earlier and earnings per share slipped to three cents from four cents. The company declared a dividend of 6.3 cents a share.
Revenue fell to $11.3m. from $11.7m. after the company completed certain projects, including with the Defense Ministry. While it has won new contracts, these aren't expected to contribute to revenue until late 2006.
Nine-month net losses were $101,000 compared with profit of $1.28m., losses per share were one cent compared with net profit of eight cents.