Profit was US$80 million compared to US$187 million in 2005. operational costs surged by 37% in 2006 mainly due to increase in fuel prices
Zim Integrated Shipping Service- the wholly owned subsidiary of The Israel Corporation -reported last week a 57.2% slide in net profit - US$80 million compared to US$187 million in 2005.
In a statement issued early Wednesday the company noted that in 2006 the company carried TEU 2.071 million compared to TEU 2.041 in 2005. The published figures also show that income from shipping services and related services in 2006 were US$2.991 billion compared to US$2.935 billion in 2005.
The report also reveals that operational costs surged by 37% in 2006 mainly due to increase in fuel prices.
Israel Corporation published its consolidated financial reports for the fourth quarter of 2006 and the year as a whole indicating profit fell despite an increase in revenue.
Israel Corp. posted NIS 27.9 billion revenue in 2006, up 5.5% on 2005, but net profit fell 46% to NIS 855 million.