Net profit almost tripled to NIS 151 million.
Bino Holdings Ltd. subsidiary Paz Oil Company Ltd. (TASE:PZOL today published its consolidated financial report for the second quarter of 2007. The company’s reports strong results thanks to the profitability of the fuels marketing sector, the expansion of its Yellow convenience stores chain, and the addition of Paz Ashdod Refinery Ltd. Paz posted a net profit of NIS 151 million for the second quarter, almost triple the net profit for the corresponding quarter, which did not include Paz Ashdod Refinery. Paz’s pro forma net profit rose by a more modest 34%.
Paz posted NIS 3.45 billion revenue for the second quarter, up 3.5% on a pro forma basis on the corresponding quarter. Revenue rose 6% if the results of Paz Ashdod Refinery are excluded. The company attributes the increase in sales, excluding Paz Ashdod Refinery, to higher fuel sales to large customers, such as the Palestinian Authority and El Al Israel Airlines Ltd. (TASE: ELAL), which were offset by the termination of its contract with Israel Electric Corporation (IEC). The result was a 25% increase in revenue, compared with the corresponding quarter, from direct marketing to NIS 1.27 billion.
Fueling and commercial sales were 6% higher than for the corresponding quarter, which the company attributed to higher sales at gas stations and higher sales by the Yellow convenience stores.
Published by Globes [online], Israel business news - www.globes.co.il - on August 27, 2007
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