Global EPC spending drop hits profits at IDE
- From: Vol 12, Issue 4 (April 2011)
- Category: General
- Region: Middle East
- Country: Israel
- Related Companies: Delek Group, Hutchison Water, IDE Technologies and Israel Chemicals
The drop in demand for desalination projects meant the company could not reproduce the annus mirabilis that was 2009 at IDE Technologies. Completion of the Soreq plant will be key if it wants to return to normal form this year.
Israel’s IDE Technologies has reported a sharp drop in its 2010 results following a record year in 2009. The company reported that its revenues in the calendar year 2010 totalled $149 million, compared to $344 million in 2009. Net profits also declined to $32 million from $71 million in 2009.
IDE attributed the decline to the global economic crisis ...
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