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Dor Alon Energy In Israel Q2 profit climbs 17.3% YOY

Dor Alon Energy In Israel (1988) Ltd. said its normalized net income for the second quarter came to 1.17 shekels per share, a gain of 10.1% from 1.07 shekels per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 18.6 million shekels, an increase of 17.3% from 15.8 million shekels in the prior-year period.

The normalized profit margin climbed to 2.0% from 1.5% in the year-earlier period.

Total revenue declined 16.5% on an annual basis to 907.6 million shekels from 1.09 billion shekels, and total operating expenses declined 17.5% year over year to 865.1 million shekels from 1.05 billion shekels.

Reported net income increased on an annual basis to 22.2 million shekels, or 1.40 shekels per share, from 7.9 million shekels, or 53 agorot per share.

As of Aug. 16, US$1 was equivalent to 3.79 shekels.