Israel’s Delek Group Q1 profit up on higher natgas sales

Israel’s Delek Group Q1 profit up on higher natgas sales

Israeli energy conglomerate Delek Group reported sharply higher quarterly net profit, boosted by increased sales of natural gas from the Tamar reservoir and higher profit at its insurance subsidiary.

Delek said on Monday it earned 220 million shekels ($61.5 million) in the first quarter, up from 85 million a year earlier. Revenue rose to 1.5 billion shekels from 1.3 billion.

Delek also had a large profit from Phoenix, the insurance unit it is seeking to sell to China’s Yango Group , due to higher income and a rise in the share price. Read More…

 

Credit By : The Times Of India

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