Operators of the Jerusalem light rail are seeing a profit as there has been an increase in the number of riders a day to 255,000. The light rail operator reports a net profit in the first 8 months of the year of NIS 86 million, reporting 44.7 million riders and 95.2% exactness.
This has management smiling as the NIS 86 million represents a significant increase from the same time period in 2015 when the income registered NIS 56 million. The company shows a projected profit of the last quarter of NIS 22 million as compared to the same time period in 2015, where that number was only NIS 7 million.
Operating profit EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) for the period was approximately NIS 124 million compared with NIS 80 million for the same time period of 2015. The company ended the third quarter of the year
The company has a positive cash flow from operating activities for the first three quarters of 2016 amounting to approximately NIS 146 million compared to a negative cash flow from operating activities in the amount of NIS 1 million in 2015.
The company continue to implement the objectives of major projects which are key to the national development plan. Among other things, Israel Railways is promoting the project of the fast line between Jerusalem and Tel Aviv, converting the old system to the current electric grid and procurement and deployment to meet a significant increase in the number of passengers by the end of the decade.
In addition during the first three quarters of 2016, Israel Railways has moved a number of projects, investing NIS 50 million to upgrade ten passenger stations and allocate 2,500 new park-and-ride spaces in preparation of the expected increase in ridership.
(YWN – Israel Desk, Jerusalem)