Oil Refineries loss widens on higher revenue

The company's net loss widened to $70 million for the third quarter.

Oil Refineries Ltd. (TASE:ORL) today reported a net loss of $70 million for the third quarter of 2013, of which $57 million is due to a non-recurring tax expense under the Law for the Encouragement of Capital Investments. The company posted a net loss of $21 million for the corresponding quarter of 2012. No going concern warning was attached to the financial report.

Revenue rose to $2.6 billion for the third quarter from $2.4 billion for the corresponding quarter. The refining margin was $5.50 per barrel in the third quarter and $5.40 per barrel in January-September.

Net financing expenses rose to $48 million for the third quarter from $47 million for the corresponding quarter. Adjusted operating profit for all sectors was $33 million for the third quarter, $9 million more than for the corresponding quarter. Adjusted operating profit for all sectors rose to $102 million in January-September, an improvement of $97 million over the corresponding period.

Oil Refineries CEO Arik Yaari said, "We are now implementing the operating plan drawn up by the company. Its objective is to improve the company's liquidity, profitability, and competitiveness, alongside guaranteeing the servicing of the debt and financial soundness."

Published by Globes [online], Israel business news - www.globes-online.com - on November 28, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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