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TEL AVIV, Israel -- Delek Group Ltd. released favorable
first quarter results last week, which coincided with the announcement that the company adopted the IFRS Accounting Standards.
Highlights included a revenue increase of 55 percent reaching NIS 2.5 billion. Net income, the report noted, reached NIS 174 million. This strong growth was offset by the lower contribution of the U.S. retail fuel sector, resulting from the ongoing industry-wide refining margin erosion, the report stated.
CEO of Delek Group, Asaf Bartfeld, noted: "The first quarter of 2008 continued to be a quarter of progress and development for the group, while laying the foundations for long term growth."
Bartfled explained that the company's automotive holding demonstrated a strong performance driving a 50 percent increase in net profit. "Despite some of our businesses encountering challenges in their specific industries, such as the ongoing refining margin erosions in the United States as well as the weaker local capital markets, we continue to see and identify substantial opportunities, such as our acquisition in February of all the share capital of Elk Resources, the U.S. oil and gas exploration and production company, enabling us to leverage our broad experience, global presence and asset base," he continued.