AICC member Delek US swings to profit

Gains from higher inventory value and insurance claims pushed the company into the black.

Globes 5/7/2009

delekUSDelek Group Ltd. (TASE: DLEKG) subsidiary Delek US Holdings Inc. (NYSE:DK) today published its financial report for the first quarter of 2009. The company noted that the results were affected by last November’s fire at its Tyler refinery in Texas. Nevertheless, the company posted a profit for the quarter, despite a 70% drop in revenue to $352.7 million for the first quarter from $1.17 billion for the corresponding quarter.

Delek US posted a net profit from continuing operations of $1.6 million ($0.03 per share) for the first quarter, compared with a net loss from continuing operations of $5.2 million for the corresponding quarter of 2008. However, the company reported an adjusted net loss from continuing operations of $2.5 million ($0.05 per share). The adjusted figure excludes after-tax gains of $4.1 million for increased value of inventory and property damage.

The company based in Brentwood, Tenessee joined AICC in 2007 and was a finalist for the “Israeli Company of the Year” award in 2008 Eagle Star Awards Gala 

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