Israel's Oil Refineries Q3 profit falls on lower refining margin

Israel’s Oil Refineries (ORL) reported a 56% drop in quarterly net profit on weakness in its polymers business and as refining margins fell.

ORL, Israel’s largest refining and petrochemicals group, earned $7 million in the third quarter, down from $16 million a year earlier.

Its adjusted refining margin was $6.3 a barrel in the quarter, compared with Reuters’ quoted Mediterranean Ural Cracking Margin of $3.3 a barrel and $8.1 a year earlier.

The company said it will pay a $50 million dividend, the same as the second quarter. ORL is controlled by Israel Corp, which holds a 33.1 percent stake. (Reporting by Steven Scheer; Editing by Tova Cohen)