Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva, lost NIS 261 million in the third quarter. The company reported its results this evening. The loss stems from a NIS 336 million accounting write down of the value of the company's securities portfolio.
The group had revenue of NIS 1.7 billion in the third quarter of 2015, which compares with NIS 2.04 billion in the corresponding quarter of 2015.
Profit on the group's core business soared 53% to NIS 118 million from NIS 77 million in the corresponding quarter. Operating profit rose 42% to NIS 341 million, compared with NIS 240 million in the corresponding quarter.
Delek Group's net profit from its natural gas business totaled NIS 87 million in the third quarter, compared with just NIS 38 million in the corresponding quarter.
Delek Group also reports that international energy company Ithaca Energy, in which it became the largest shareholder in October, and whose results are not consolidated in its financial statements, posted a net profit of $42.8 million in the third quarter of 2015, compared with $7.9 million in the corresponding quarter of 2014.
Delek Group has distributable profits totaling NIS 1.9 billion, and it announced a NIS 80 million dividend.
Delek Group CEO Asaf Bartfeld said, "Now that the gas plan has been approved in the security cabinet, the government and the Knesset, we intend to focus in the coming period on expediting development of the Leviathan reserve and expanding the Tamar project, alongside identifying additional strategic investments in the international markets that will be synergetic with the group's business and will facilitate continued consolidation of our international business arm."
Published by Globes [online], Israel business news - www.globes-online.com - on November 26, 2015
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