ISRAEL's largest port of Ashdod has reported net profits of ILS192 million (US$53 million) in 2012, a tenfold profit increase, drawn on revenues of ISL1.12 billion.
Israel's Ashdod profit up tenfold due to absence of previous expense ISRAEL's largest port of Ashdod has reported net profits of ILS192 million (US$53 million) in 2012, a tenfold profit increase, drawn on revenues of ISL1.12 billion.
The profit leap was attributed to the previous year's one-off ILS65 million tax expense and the distribution of profits to employees amounting.
The port, located about 40 kilometres south of Tel Aviv, leads in containers, but is behind other ports in general cargo. It aims to upgrade services and equipment, including a grain conveyor belt and convert Pier 21 into container berths. It will invest up to ILS646 million over a three-year period, cited a report from Israeli business daily Globes.
The state is deliberating whether Ashdod Port or Haifa Port will be in receipt of ILS4 billion for development of a new port.
