Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva, today reported NIS 2.3 billion higher revenue, or 25% grwoth, to NIS 11.36 billion for the first quarter of 2010 from NIS 9.12 billion for the corresponding quarter of 2009.
The company attributed much of the growth to higher revenue by subsidiary Delek US Holdings Inc. (NYSE:DK), whose Texas refinery was closed during the corresponding quarter due to a fire, and insurance indemnification for the fire and loss of revenue. A contributing factor was revenue from gas stations due to higher global fuel prices in the first quarter compared with the corresponding quarter. Delek Group owns gas stations in the US through Delek US, in Israel through Delek Israel Fuel Corporation Ltd. (TASE: DLKIS), and in Europe through Delek Europe BV.
Delek Group's net profit attributable to shareholders rose 31% to NIS 205 million for the first quarter from NIS 157 million for the corresponding quarter. The company attributed the growth to higher profits by most of its subsidiaries compared with the corresponding quarter. The highest growth rates were achieved by Mazda and Ford importer Delek Automotive Systems Ltd. (TASE: DLEA), the company's financial units (including Israel Phoenix Assurance Ltd. (TASE: PHOE1;PHOE5) and Excellence Investments Ltd. (TASE: EXCE)), and its oil and gas exploration units (Delek Energy Systems Ltd. (TASE: DEOL) subsidiaries Avner Oil and Gas LP (TASE: AVNR.L) and Delek Drilling LP (TASE: DEDR.L), which owns stakes in the Tamar gas field among others).
Delek Group's share price fell 0.5% in morning trading today to NIS 774.90, as part of a general market decline. The company's market cap is NIS 8.91 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on May 31, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010