Delek US Helps Parent Co.'s Q1

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Delek US Helps Parent Co.'s Q1

TEL AVIV, Israel -- In its first quarter earnings report, Delek Group Ltd., parent company of Delek US, operator of the MAPCO chain of convenience stores, noted the strong performance of its U.S. business helped the company see positive results in the first quarter of fiscal 2009, ended March 31.

The Israeli company's net income for the quarter reached NIS 157 million, turning around a NIS 1.44 billion net loss in the previous quarter, the company stated.

Operating income from ongoing operations totaled NIS 673 million, compared with an operating loss of NIS 956 million in the prior quarter, according to the company.

Delek Group noted growth was "especially significant" in several of its business segments, including the fuel sectors in Israel, the United States and Europe, as well as in refining.

This month, Delek US completed the rebuilding and restarted of its Tyler refinery unit, which was damaged in a fire in November 2008. During the down time, the company took the opportunity to complete optimization and maintenance previously planned for the fourth quarter of this year, the company stated.

In addition, Delek US is continuing plans to upgrade its chain of convenience stores, and to date, nearly 20 percent of its stores have undergone remodeling efforts. The project enables Delek US to focus on the sale of premium products and marketing private label products.

"Our diverse and sound portfolio of assets paired with our strong financial standing enabled us to present these strong results in the quarter," Asaf Bartfeld, CEO of Delek Group, said in a statement. "This success is visible in our return to profitability, especially noteworthy given the global macro environment."

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