Dismal performance of Carmel Olefins has dragged down revenues of Israel Petrochemicals Enterprises. Q1 revenue was NIS 341.9 mln in Q1-09, a drop of 12.5% compared with the corresponding quarter of 2008, when revenue was NIS 390.6 million. However, financing income of NIS 132.5 mln enabled Israel Petrochemical to report a net profit. Net profit of NIS 144 mln was reported as compared with a net loss of NIS 79.8 million in the corresponding quarter. Revenue fell primarily due to lower revenue at holding Carmel Olefins, in which it has a 50% stake.