Delek Group Ltd. (DGRLY.PK) Posts First Half and Q3 2010 Financial Results

Group revenues in the second quarter of 2010 amounted to NIS 10.4 billion, compared with NIS 10.8 billion in the second quarter of 2009.

For the first six months of 2010, Delek reported group revenues at NIS 21.8 billion, an increase of approximately 10 percent compared with NIS 19.9 billion in the same period in 2009. The company attributes the increase in six-month revenues primarily to increased sales at the refinery in Tyler, Texas.

Operating profit in the second quarter of 2010 totaled NIS 676 million, an increase of 32 percent compared to NIS 513 million reported in the second quarter of 2009.

Delek’s operating profit for the first six months of 2010 totaled NIS 1.1 billion, an 18 percent increase compared to NIS 940 million in the same period in 2009.

The company reported net income in the second quarter at NIS 64 million, compared with NIS 233 million reported in the comparable quarter of 2009. Net income for the first six months was NIS 269 million, compared with the NIS 380 million in the comparable six months of 2009. The company attributes the reduction to an increase in financial expenses at some of its subsidiary companies.

Group total assets as of June 30, 2010, amounted to NIS 86.2 billion, compared with NIS 84.3 billion as of December 31, 2009.

Asaf Bartfeld, CEO of Delek, said the company is pleased with its results for 2010 thus far, and that it will execute a strategic business deal in the fourth quarter that will boost its operations.

“We are happy with our performance so far in 2010. All our businesses are performing well and we are seeing a solid improvement in the results of Delek Europe, which contributed significantly to our profitability in the first half of this year. In the fourth quarter we will complete the purchase of BP’s retail fuel and convenience store business in France, a strategic deal for us which will significantly expand our activities in Europe. Furthermore, in our upstream sector, we are excited about the initial exploration drilling that we will commence in the coming months at the Leviathan prospect off the coast of Israel. We remain highly focused on investing in our oil and gas exploration activities, which has been highly successful to date and has tremendous potential for the Group,” Bartfeld stated in the press release.

For more information visit www.delek-group.com