Israel Petrochemical Ent profits hit by dismal performance of Carmel Olefins

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.
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