Israel's Oil Refineries Q1 profit falls, refining margins up

Israel’s Oil Refineries (ORL) reported lower quarterly net profit, saying timing differences on the value of its inventory offset higher refining margins.

ORL, Israel’s largest refining and petrochemicals group, earned $63 million in the third quarter, down from $74 million a year earlier.

Its adjusted refining margin was $7.7 a barrel in the quarter, compared with Reuters’ quoted Mediterranean Ural Cracking Margin of $3.6 a barrel and $5.5 a year earlier.

Revenue fell to $1.57 billion from $1.65 billion.

ORL is controlled by Israel Corp, which holds a 33.1 percent stake. (Reporting by Tova Cohen)

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