The Israel Ports Authority (IPA) reported last week profits of NIS 518 million for 2004. The profit represents a surge of 430% over 2003, despite the long summer strike at the three main sea ports.
The Ports Authority estimated its revenue in 2004 at NIS 2 billion, including NIS 1.96 billion in operating revenue, compared with NIS 1.71 billion in 2003. Expenses totaled NIS 1.49 billion, including NIS 1.34 billion in operating expenses.
Mr. Richar Ben Haim, the port authority's finance director, said that the port of Haifa ended 2004 with a NIS 228 million profit, on NIS 994 million revenue and NIS 766 million expenses and the port of Ashdod ended with NIS 112 million profit on NIS 878 million revenue and NIS 766 million expenses. Eilat, at the red sea, returned, for the first time in years, to profitability, of NIS 9 million. on NIS 88 million revenue and NIS 79 million expenses.
IPA's chairman Mr. Dan Tichon said that "It was a peak year for the ports, thanks to impressive growth in Israel's foreign trade, resulting in a 7 percent increase in container movement in the ports compared to 2003"
Amos Ron, the Authority's director general, said that "these excellent results will allow the newly set up ports companies - with the implementation of structural change - to improve service to customers and to preserve financial strength over time."
Expenditures, according to the published figures, totaled NIS 1.48 billion in 2004, down 16% from the NIS 1.77 billion in the preceding year.
The Ports Authority does not usually publish financial estimates however, this year it did so because its audited financial reports, for the year 2004, will be published after the Ports Authority has ceased to operate on February 17, 2005.
