News Column

BRIEF: Paz quintuples net profit

May 28, 2014

Globes, Tel Aviv, Israel

May 28--Paz Oil Company Ltd. (TASE:PZOL) today reported 453% net profit growth to NIS 83 million for the first quarter of 2014 from NIS 15 million for the corresponding quarter of 2013. Revenue was flat at NIS 4.83 billion.

Paz's industry and services division reported an operating profit of NIS 61 million for the first quarter of 2014, up 30% on the corresponding quarter, while the operating profit of the wholesale and retail division was unchanged at NIS 85 million. The refining division reported an operating loss of NIS 6 million for the first quarter, compared with an operating profit of NIS 5 million for the corresponding quarter, due to a sharp drop in the refining margin and lower shekel-dollar exchange rate differentials.

The Paz Ashdod Refinery was able to hedge the effects of its business environment and low margins to achieve balanced results. Its refining margin of $5.80 per barrel was above the benchmark Ural cracking margin of $5.40 per barrel.


(c)2014 the Globes (Tel Aviv, Israel)

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Source: Globes (Tel Aviv)

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