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Oil Refineries Announces Financial Results for Third Quarter and Nine Months 2007
Date:11/20/2007

d to NIS 144 million pro-forma consolidated EBITDA in the third quarter of 2006.

Consolidated Operating Profit for the third quarter totaled NIS 238 million, compared to a pro-forma consolidated operating profit NIS 57 million in the third quarter of 2006.

Operating profit from the Refining segment totaled NIS 180 million, compared to NIS 87 million last year. The lower refining margins contributed to a NIS 61 million decline in operating profit over the second quarter last year, this was completely offset by a NIS 163 million contribution resulting from an increase in quantities sold, changes in the US dollar exchange rate and a decline in operating expenses. The Company's consolidated results in the third quarter last year were negatively affected by the regional hostilities.

Operating profit from the Aromatics segment (conducted through Gadiv Petrochemical Industries Ltd.) totaled NIS 21 million, compared to an operating loss of NIS 11 million in the third quarter last year.

Operating profit from the Polymers segment (conducted through Carmel Olefins) totaled NIS 37 million, compared to an operating loss of NIS 19 million in the third quarter last year.

Consolidated net income for the third quarter of 2007 totaled NIS 178 million, compared to a pro-forma consolidated net income of NIS 24 million in the third quarter last year.

Nine-Month Results

Refining margin for the nine months totaled USD/bbl 8.4 (USD/MT 61.0), compared to the nine months Mediterraneani Ural Cracking Margin average of USD/bbl 5.6 (USD/MT 40.6). Refining margin for the nine months was also substantially higher than the USD/bbl 7.7 (USD/MT 55.9) refining margin in the nine months 2006.

Consolidated EBITDA for the nine months totaled NIS 1,194 million, compared to NIS 973 million pro-forma consolidated EBITDA in the same period last year. Consolidated Operating Profit for the nine months totaled NIS 937 million, compared to a pro-forma consolidated
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SOURCE Oil Refineries Ltd
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