Delek Group Ltd. (TASE: DLEKG) subsidiary Delek US Holdings Inc. (NYSE:DK) today published its financial report for the first quarter of 2009. The company noted that the results were affected by last November's fire at its Tyler refinery in Texas. Nevertheless, the company posted a profit for the quarter, despite a 70% drop in revenue to $352.7 million for the first quarter from $1.17 billion for the corresponding quarter.
Delek US posted a net profit from continuing operations of $1.6 million ($0.03 per share) for the first quarter, compared with a net loss from continuing operations of $5.2 million for the corresponding quarter of 2008. However, the company reported an adjusted net loss from continuing operations of $2.5 million ($0.05 per share). The adjusted figure excludes after-tax gains of $4.1 million for increased value of inventory and property damage.
Cash flow rose to $87.5 million from $60.4 million for the corresponding quarter.
Delek US president and CEO Uzi Yemin said, “We are pleased to announce that we have restarted most of the major units at our Tyler refinery and are currently producing and selling distillate products."
Delek US's retail revenue fell to $7 million in the first quarter from $9.9 million in the corresponding quarter. Retail fuel margin fell to $0.11 per gallon in the first quarter from $0.126 per gallon in the corresponding quarter. Sales at convenience stores also fell. Refining revenue rose to $19.4 million in the first quarter from $7.6 million in the first quarter 2008, despite the Tyler refinery fire. However, marketing revenue fell to $5 million from $6.4 million.
Delek US's share rose 4.9% yesterday to $11.35, giving a market cap of $609 million. Delek Group's share rose 4% in early trading today to NIS 445.90.
Published by Globes [online], Israel business news - www.globes-online.com - on May 7, 2009
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