MAPCO Fuels Parent Cos. Profit

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MAPCO Fuels Parent Cos. Profit

TEL AVIV, Israel --The second-quarter 2007 financial report for Delek Group Ltd. showed promise from Delek US Holdings Inc., operator of the MAPCO Mart and MAPCO Express convenience store chains, as the Israel-based company, which owns 77 percent of Delek US, reported higher net profit from the U.S. division's fuel sales, Globes Online reported.

While revenue rose for the company to NIS 8.1 billion (U.S. $1.95 billion) for the second quarter from NIS 6.33 billion (U.S. $1.52 billion) for the corresponding quarter in 2006, net profit fell to NIS 433 million (U.S. $104.8 million) from NIS 710 million (U.S. $171.8 million) in the comparable quarter, the report stated.

However, U.S. fuel activity, primarily through Delek US, contributed net profit of NIS 212 million (U.S. $51.3 million) for the second quarter, a jump from the NIS 156 million (U.S. $37.7 million) for the second quarter of 2006, according to the report.

"This quarter, we continued to show healthy financial and business performance, with our major holdings steadily increasing their contribution to our net income in the second quarter," Asaf Bartfeld, CEO of Delek Group, said in a written statement. "Our holdings in the fuel sectors, local and U.S., as well as the financial services area, served as main-growth drivers this quarter."