Aug. 22--Energy giants
The share of Oil Refineries, controlled by Israel Corporation (TASE: ILCO) and
Oil Refineries CEO Arik Yaair said today, "The business environment we work in during the second quarter was challenging. Nevertheless, the company's operating results continued to improve. This improvement resulted mainly from better refining margins, the contribution of polymers, implementation of a streamlining plan that yielded the desired results, and improved availability of facilities in the group's plants."
Yaari added, "Refining margins strengthened significantly. If this trend continues, we anticipate a positive effect on our financial results."
Oil Refineries's second quarter revenue remained unchanged at almost NIS 2.5 billion.
Paz: stability in retail sales and trade
Paz, controlled by Zadik Bino, managed to improve its profitability, and its adjusted quarterly net profit soared 122% to NIS 80 million. Its adjusted first half profit was up 51% to NIS 133 million.
In the breakdown by activity segments, Paz's refining business stood out in a positive way with a NIS 25 million adjusted profit, compared with a loss of about the same size in the second quarter last year. The Ashdod oil refinery made a NIS 19 million net profit, compared with a NIS 20 million loss in the corresponding period in 2013.
The retail and commerce division, which includes a chain of filling stations and the Yellow chain of convenience stores, was stable. Adjusted operating profit was NIS 101 million in the first quarter and NIS 186 million in the first half of 2014.