Israel Petrochemical Enterprises Ltd. (TASE:PTCH) today published financial reports for the fourth quarter of 2006 and the year as a whole. The company posted a net profit of NIS 41.3 million in 2006, 65% less than the NIS 120 million in 2005. The drop is attributed to maintenance at subsidiary Carmel Olefins Ltd. and disruptions caused by the second Lebanon war.
2006 revenue was NIS 993 million, compared with NIS 1 billion in 2005.
Petrochemical Enterprises posted NIS 21.6 million revenue for the fourth quarter, up 25% on the corresponding quarter, thanks to Carmel Olefins return to full operating capacity. Revenue rose 4.6% to NIS 277.7 million.
In February 2007, Petrochemical Enterprises, through Scailex Corp. ltd. (TASE: SCIX; Bulletin Board:SCIXF.OB), acquired control of Oil Refineries Ltd. (TASE:ORL), together with Israel Corp. (TASE: ILCO).
Published by Globes [online], Israel business news - www.globes.co.il - on March 22, 2007
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