Delek Group reports NIS 326m Q2 loss

Yitzhak Tshuva  / Photo: Gidon Levin

Delek Group's revenue in the quarter was NIS 1.94 billion, similar to the corresponding quarter last year.

Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva, ended the second quarter of 2020 with a net loss of NIS 326 million, mainly arising from one-time accounting provisions. Delek Group's revenue in the quarter was NIS 1.94 billion, similar to the corresponding quarter last year, driven by a sharp rise in revenue from core operations (the sale of gas and oil in Israel and in the North Sea), which offset the drop in revenue from fuel distribution and marketing operations in Israel.

Gross profit in the second quarter rose sharply to NIS 809 million, up 100% from the corresponding quarter last year; operating profit also rose the second quarter to NIS 337 million, up from NIS 208 million in the corresponding quarter of 2019.

Delek Group president and CEO Idan Wallace said, "Delek Group's core operations continued to demonstrate strong performance in the second quarter. Major steps to strengthen both capital and collateral that the Company completed during and following the reporting period, provide a tailwind to continue with the successful implementation of the Group's strategy."

Published by Globes, Israel business news - en.globes.co.il - on August 31, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Yitzhak Tshuva  / Photo: Gidon Levin
Yitzhak Tshuva / Photo: Gidon Levin
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