Ashdod Port Co. Ltd., Haifa Port Co. Ltd and Eilat Port Co combined profit was NIS 223 million compared to NIS 259 million profit in 2007
The combined profit of Israel's three port companies Ashdod Port Co. Ltd., Haifa Port Co. Ltd and Eilat Port Co. Ltd. fell in 2008 by 14% to NIS 223 million compared to NIS 259 million profit in 2007. Haifa Port posted a profit of NIS 119 million, Ashdod Port NIS 63 million and Eilat Port NIS 42 million.
The Ashdod Port Company revenues during 2008 totaled about NIS 1.17 Billion compared to the Port’s revenues during 2007, which were about NIS 1.12 Billion, and a growth of about 4%. The Company posts a net profit of NIS 63 million during 2008, compared to a net profit of about NIS 74 Million during 2007, a drop of 15%. The decline in net profit is mainly the result of the increase in usage fees and obligations paid to the Israel Ports Company. The Company’s gross profit amounts during 2008 NIS 190 million compared with NIS 168 million during 2007.
Haifa Port handled in 2008 22.5 million ton of cargo compared to 2007, 21.4 million ton, an increase of 5.1%. Containers movement in 2008 recorded TEU 1.25 million compared to TEU 1.15 million in 2007, an increase of 8.9%.
Haifa Port handled in 2008 about 55% from all the cargos (tons) that were transported in the Israel's ports.
Data released by the three ports indicated that 2008 as a whole was a good year. The fourth quarter of the year experienced a sharp fall in cargo movement due to the global economic recession.
It is further understood that the drop in cargo movement intensified in 2009. In the first quarter of 2009 cargo was down 30%. Container movements recorded 15% drop.