Delek Group improves gross

First quarter revenue was flat, but the group's gross profit rose 21%.

Delek Group Ltd. (TASE: DLEKG) made a net profit of NIS 50 million in the first quarter of 2013, compared with NIS 110 million in the corresponding quarter of 2102. However, excluding a one-time tax charge for the sale of shares in Delek US, the net profit for the first quarter of 2013 was NIS 207 million.

Delek Group points out that the gross profit on the Delek US sale was NIS 788 million. Accounting rules dictated that part of the tax charge of NIS 157 million should be posted to the profit and loss account, but that the net gain of NIS 591 million should be posted directly to a capital fund.

Revenue in the first quarter of this year totaled NIS 18 billion, almost unchanged from the corresponding quarter.

Gross profit totaled NIS 2.45 billion, compared with NIS 2.1 billion in the corresponding quarter, representing a rise of 21%.

At the end of the quarter, the group had cash and cash euivalents totaling NIS 1.7 billion.

Delek Group has declared a dividend of NIS 150 million for the first quarter.

Delek Group CEO Asaf (Asi) Bartfeld said, "During the first quarter and after it we carried out a sries of strategic measures the led to a substantial strengthening of shareholders' equity, improved liquidity, and reduced the group's leverage. These actions once more demonstrate the group's financial strength and flexibility."

Published by Globes [online], Israel business news - - on May 29, 2013

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

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