VOL. XLV

No 13

1-April-2002

ISRAEL

Israel ElectricReports $11Mn Loss For 2001

State-ownedutility Israel Electric Corporation (IEC) reported financial losses ofNIS51.5mn ($11mn) in 2001, compared to a profit of NIS185.3mn in 2000, mainlydue to a sharp increase in foreign financing costs related to the sharpdepreciation of the shekel over the last year. The losses for 2001 were,however, less than the NIS500-700mn forecast by some analysts earlier in theyear (MEES, 14 January). Financingcosts jumped...