Delek Group Ltd. (TASE: DLEKG) unit Delek US Holdings Inc. (NYSE:DK) today reported lower profits for the second quarter of 2013, despite higher revenue, due less favorable refining market conditions.
Revenue rose to $2.02 billion for the second quarter from $1.88 billion for the corresponding quarter. Net profit fell to $46.6 million ($0.78 per share) for the second quarter from $67.8 million for the corresponding quarter of 2012.
Delek US said that the lower refining margins were partly offset by higher production at its Tyler, Texas refinery, increased crude oil deliveries by rail to its El Dorado, Arkansas refinery, and improved access to Midland crude supplies at both refineries.
Cash flow from operations fell to $53.1 million in the first half of 2013 from $190.5 million in the first half of 2012.
Delek US chairman, president and CEO Uzi Yemin said that the company's strong balance sheet allows it to continue investing in its business.
On Tuesday, Dor Alon Energy in Israel (1988) Ltd. (TASE:DRAL) unit Alon USA Energy Inc. (NYSE:ALJ) reported a 50% drop in net profits for the second quarter. GAAP-based net profit fell to $11.5 million ($0.17 per share) for the second quarter from $43.2 million for the corresponding quarter, and non-GAAP net profit fell to $17.2 million ($0.27 per share) from $35.2 million.
Published by Globes [online], Israel business news - www.globes-online.com - on August 8, 2013
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