Oil Refineries Ltd. (TASE:ORL) today published financial reports for the fourth quarter of 2006 and the year as a whole. The company posted a net profit of NIS 69 million for the fourth quarter on NIS 5 billion revenue. The fourth quarter financials do not include Oil Refineries Ashdod, which was sold in late September 2006.
Fourth quarter revenue included NIS 4.3 billion in sales from refined oil products, NIS 278 million from polymers and NIS 517 million from the aromatics sector. The refining margin for the fourth quarter narrowed by NIS 222 million from the corresponding quarter of 2005.
Oil Refineries posted NIS 28.5 billion revenue in 2006, included NIS 26.3 billion in sales from refined oil products, NIS 993 million from polymers and NIS 1.9 billion from the aromatics sector. Net profit totaled NIS 2 billion, up 43% on the NIS 1.4 billion in 2005. The 2006 refining margin fell by NIS 186 million compared with 2005.
The company’s consolidated annual results include both the Haifa and Ashdod refineries for January-September, and the results of only the Haifa refinery for the fourth quarter.
Published by Globes [online], Israel business news - www.globes.co.il - on March 22, 2007
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