Israel Ports Company: Q1 net profit dropped 23% to NIS 127 million

Israel Ports Company, which serves as a seaport regulator, ended the first quarter of 2020 with a 23% drop in net profit to NIS 127 million, according to company reports. .
The company's revenues totaled NIS 213 million, a minor decrease of about 2% compared to the same period last year. These are infrastructure fees, usage, revenue from port services and land use. Maintenance and operating expenses decreased by about 4% and amounted to NIS 88 million, a decrease of 11% was recorded in general and administrative expenses and amounted to NIS 25 million. The Israeli Ports Company posted a 3% increase in operating profit, amounting to NIS 100 million.
Regarding the Corona crisis, the company reports little, if any, damage to the company's operations and the sea ports it is responsible for. "In early May, following the amendment of emergency regulations, the company reverted to a standard work format," they write, adding that "during the reporting period there was no significant impact on the Company's operating results and liquidity status. On the basis of projections made by the company, it anticipates that the Corona crisis could result in a decrease in revenue for 2020 by a single percentage that could have a material impact on the company's operating results. "
During the quarter, payments were made to suppliers to help them get out of the crisis, with some reporting to the company about delays that were allegedly due to workers or raw materials. According to the Company's view, "at this time, no delays arising from the Corona events justifying delays in the scheduling or additional costs have been established, and the aforementioned factors must comply with the schedules with the agreement with them."