The Israeli Electric Company (IEC) announced it had made a net profit of NIS 166 million in the first quarter of 2019, up from the loss of NIS 67 million in the first quarter of 2018. The company’s income was NIS 6 billion for the quarter, up 10% from the year before. The upturn was due to a combination of an increase in the price of electricity and an increase in demand. The cost of producing electricity rose by 8% and came to NIS 4.9 billion. IEC expensed part of its restructuring cost this quarter, to the tune of NIS 303 million. The company expensed NIS 599 million in interest charges, an astounding 10% of its revenue. During Q1, IEC made no progress in conversion away from coal use for production of electricity — which accounts for 44% of the fuel and remains unchanged from the year before.
