Israels Jubilee Port stays within state

In 2003, Israels national ports authority made an operating profit of $74.75m on revenues of $459.35m, down 2% over 2002. Following a $90.13m transfer of cash back to the state, the organisation remained in financial equilibrium on the year. $368.34m of total income was derived from operations, $36.61m from financial income and $53.73m from the railways division which was spun off as an independent organisation midyear effectively depriving the ports authority of a further $21.01m. In terms of investment, $105.30m was spent on various development projects, with $74.96m alone sunk into the Jubilee Port near Ashdod, which had originally been planned as a private facility that would compete with Ashdod, Haifa and Eilat but which is now to remain within state ownership.