Delek Group Sees Q3 Profit
TEL AVIV -- Delek Group posted a third-quarter net profit, boosted by improvement in a number of the conglomerate's units.
Delek reported a net profit of 60 million shekels ($16 million U.S.), compared with a net loss of 612 million shekels ($161 million) a year ago when its real estate operations posted steep losses, according to a report by Reuters.
Revenues for the quarter fell to 11.9 billion shekels ($3.14 billion) from 13 billion ($3.4 billion) a year ago, hurt by lower gasoline sales and prices in Israel, Europe and the United States, where revenue at its oil refiner Delek US Holdings, which also operates the MAPCO convenience store chain, fell to 3.2 billion shekels ($844 million) from 5.1 billion ($1.34 billion) last year, Reuters reported.
Delek said it would pay a dividend of 33 million shekels ($8.7 million) Jan. 5, 2009.
Delek's cash flow is expected to be helped by an infusion of 400 million shekels ($105.5 million) by selling most of its 16-percent stake in cable TV company HOT to Cool Holding. The deal is subject to regulatory approval.
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Delek reported a net profit of 60 million shekels ($16 million U.S.), compared with a net loss of 612 million shekels ($161 million) a year ago when its real estate operations posted steep losses, according to a report by Reuters.
Revenues for the quarter fell to 11.9 billion shekels ($3.14 billion) from 13 billion ($3.4 billion) a year ago, hurt by lower gasoline sales and prices in Israel, Europe and the United States, where revenue at its oil refiner Delek US Holdings, which also operates the MAPCO convenience store chain, fell to 3.2 billion shekels ($844 million) from 5.1 billion ($1.34 billion) last year, Reuters reported.
Delek said it would pay a dividend of 33 million shekels ($8.7 million) Jan. 5, 2009.
Delek's cash flow is expected to be helped by an infusion of 400 million shekels ($105.5 million) by selling most of its 16-percent stake in cable TV company HOT to Cool Holding. The deal is subject to regulatory approval.
Related News:
Q3 Results: Delek, Alon & Murphy Oil Down, but not Out
CSNews Exclusive: MAPCO Express Adds Four New Execs