Israel Electric Company finished 3rd Q with net profit of NIS 1.26 billion

The electric company completed the third quarter of 2019 with a net profit of NIS 1.26 billion. This is apparently a sharp 64% drop in net profit compared to the same quarter last year, which was completed by the electric company with a net profit of NIS 3.8 billion.
Debt cancellation of the IEC was recorded in the third quarter of 2018 and led the company to show exceptional net profit. Excluding the impact of the assets, the IEC would record a net profit of NIS 1.145 billion, so that in any case it would show improvement in the quarter by more than 10%.
Revenue for the quarter amounted to NIS 7.7 billion, an increase of 6.4% compared to the corresponding quarter last year. The company attributes the rise in the electricity tariff at the beginning of the year (an increase of about 2.9%), as well as seasonal demand for electricity in the summer, which rose by about 6%. The cost of operating the electricity system decreased by 2% to NIS 5.44 billion.
The company recorded special salary expenses of the reform amounting to NIS 200 million, for retirement of about 300 employees. The company claims that by 2023 another 750 employees will retire. All of this led to an operating profit of NIS 1.67 billion, up 21% from last year. The company's financing expenses also decreased and amounted to NIS 31 million, compared with NIS 265 million in the corresponding quarter last year.
Chairman of the Board of Directors of Yiftach Ron-Tal Electric Corporation, quoted as saying that "the efficiency measures taken by the company directly contribute to both lowering the cost of living in Israel and growth." In Israel.