Consolidated net income for the nine months, excluding a one-time charge totaling NIS 106 million in the first quarter 2007, totaled NIS 662 million, compared to a pro-forma consolidated net income of NIS 469 million in the nine months last year. The one-time charge, net after tax, resulted from the accounting treatment of a privatization grant paid in the first quarter 2007, by the government to the employees of Oil Refineries and its subsidiaries, following the successful privatization in February 2007. Net income for the nine months, including this one-time privatization expense, totaled NIS 556 million.
"We are very pleased that once again the Company has presented higher refining margins than the average refining margin for the Mediterranean "Ural" for the quarter, and this, despite the decline in refining margins this quarter compared to last year," commented Mr. Yashar Ben-Mordechai, Oil Refineries' CEO. "The global energy market is going through a volatile period, evident in both the fluctuations in fuel prices and currencies. This volatility continues to impact the Company's performance."
Mr. Ben-Mordechai added: "Carmel Olefins continues with its expansion strategy and, during the third quarter, fully operated its new Polypropylene unit. This unit is expected to more than double COL's Polypropylene production once it reaches full production capacity during the coming year. In addition, two weeks ago COL announced that it has signed an Intent Agreement to purchase a 49% stake in a European petrochemical company."
Mr. Yossi Rosen, Oil Refineries Chairman of the Board noted, "We
recently presented our new five-year strategic plan for the Company. This
extensive plan will include US$1.1 billion of investments and will focus on
developing the Company's core business areas, refining and petrochemicals,
while identifying complementary areas such as electricity production, trad
|SOURCE Oil Refineries Ltd|
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