Oil Refineries Ltd. (TASE:ORL) today published its consolidated financial report for the second quarter of 2007. The company posted a pro forma net profit of NIS 228 million, up 9% on the NIS 207 million for the corresponding quarter of 2006, despite a 9.6% drop in revenue to NIS 5.6 billion for the second quarter.
Oil Refineries posted a gross profit from refining totaled NIS 331 million for the second quarter, down 2.3% from the NIS 339 million for the corresponding quarter. Higher refining margins were offset by fluctuations in the dollar between the second quarter and the corresponding quarter, which cut profit and increased operating expenses. Despite this, the company’s total consolidated gross profit rose to NIS 450 million for the second quarter from NIS 399 million for the corresponding quarter.
The company posted pro forma consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) of NIS 433 million for the second quarter, up 8% on the NIS 401 million pro forma consolidated EBITDA for the corresponding quarter.
A consortium of Ofer Brothers subsidiary Israel Corp. (TASE: ILCO) and Israel Petrochemical Enterprises Ltd. (TASE:PTCH) together with Glencore International AG acquired Oil Refineries in February at a company value of $1.57 billion.
Published by Globes [online], Israel business news - www.globes.co.il - on August 20, 2007
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