VOL. XLV

No 21

27-May-2002

ISRAEL

Israel Electric Corp Issues ProfitWarning; Domestic Bond Offer Oversubscribed

State-run utility Israel Electric Corp (IEC) issued aprofit warning on 22 May, stating that due to the sharp depreciation of theshekel against other foreign currencies, its liabilities in the first quarterwould climb to NIS489mn ($100.8mn), according to a report in Ha誕retz. The IECblames tariff restrictions for the mounting liabilities and has requested toraise prices by up to 15%....