Haifa Port: NIS 113m profit was made in 2006

The second Lebanon war during the summer cost the port NIS 85 million in revenue, cut its operating profit by NIS 50 million and reduced cargo handling by almost 15%
 
Haifa Port company published last week its financial report for 2006. The company posted a net profit of NIS 113 million compared to NIS 105 millions in 2005.
 
Hermesh David, Chairman of the Board, and Uzani Amos, President of the port, said in a press conference that the second Lebanon war during the summer cost the port NIS 85 million in revenue, cut its operating profit by NIS 50 million and reduced cargo handling by almost 15%.
Hermesh added that the war and other disruptions reduced operations by 12%, although operating revenue fell by only 4%.
Uzani & Hermesh predicted that the port would handle 64% of all containers handled by Israeli ports this year, amounting to 1,179 millions TEU.
The port’s 2007 development plan includes NIS 536 million investment in infrastructures, handling equipment, computers and communications.
The port has asked Maalot - Israel Rating Company Ltd. for a rating ahead of a planned NIS 500 million bond issue intended to finance this investment plan.