Israel: Profits Rise at Delek Group
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Wednesday, 02 September 2009 |
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This week Delek Group said second-quarter net profit rose despite a
decline in revenue due to improvement at its infrastructure units and
lower financial expenses.
Net profit rose to 223 million shekels from 47 million shekels a
year earlier. Delek said revenue for the quarter fell to 10.8
billion shekels from 14.2 billion shekels, hurt by a decrease in
gasoline sales, lower oil prices and lower automotive revenue in
Israel, the company said in a statement. Delek, which has interests in
the real estate, energy, automotive and financial sectors, declared a
dividend of 105 million shekels, or 9.25 shekels per share, to be paid
on Sept. 24.
Chief Executive Asaf Bartfeld said Delek's cash flow stood at about 1
billion shekels and the company would continue to look for investment
opportunities and to build on synergies within the group. Delek,
which is 62 percent-controlled by billionaire Yitzhak Tshuva, also
controls oil refiner Delek US Holdings (DK.N).
Delek US benefited in the quarter from the receipt of $57.6 million in
insurance proceeds as a result of business interruption while its Tyler
refinery was shut due to a fire. In May, Delek completed the
rebuilding of the unit damaged in the fire at the Tyler refinery in
November and the refinery resumed operation.
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