Oil Refineries reported a profit of NIS 219.1 million for the third quarter of 2004, compared with a loss of NIS 47.6 million for the corresponding quarter of 2003. The company posted a profit of NIS 544.8 million for January-September 2004, compared with NIS 162.4 million for the corresponding period of last year.
Oil Refineries reported d NIS 5.22 billion in revenue for the third quarter, compared with NIS 3.28 billion for the corresponding quarter of last year. It reported NIS 13.6 billion in revenue for January-September, compared with NIS 10.4 billion for the corresponding period of last year.
Oil Refineries' operating profit was NIS 345 million for the third quarter, compared with NIS 32.6 million for the corresponding quarter of last year. Its operating profit was NIS 777 million for January-September, compared with NIS 174.7 million for the corresponding period last year.
Financing expenses totaled NIS 24.6 million for the third quarter, compared with NIS 107.3 million for the corresponding quarter last year. Gross profit was NIS 417 million for the third quarter, compared with NIS 95.6 million for the corresponding quarter last year. Gross profit totaled NIS 1 billion for January-September, compared with NIS 370.3 million for the corresponding period last year.
Oil Refineries general manager Yashar Ben-Mordechai said rising global economic growth had increased demand for oil products, which affected the company's results. He added that terrorist incidents in Saudi Arabia, the US loss of control in Iraq, instability in Nigeria, and hurricanes in the Gulf of Mexico contributed to the surge in oil prices, which boosted profitability.
Oil Refineries chairman Ohad Marani said the company's financial results proved it was solid and ready for privatization, and that every effort should be made to expedite the process. He said the company had sent the government the necessary information, and was now waiting for the ministerial committee on privatization to meet.
Published by Globes [online] - www.globes.co.il - on November 18, 2004