Oil Refineries swings to Q4 net profit

Israel's Oil Refineries said on Sunday it swung to a net profit in the fourth quarter, boosted by a one-time gain.

Oil Refineries, Israel's biggest refinery, posted quarterly net profit of $182 million, compared with a net loss of $182 million in the fourth quarter of 2008.

The company said its results were influenced by $214 million of other income due to the revaluation of its holdings in Carmel Olefins and Haifa Basic Oils of $77 million and negative goodwill of $137 million created in the 50 percent acquisition of the two firms.

It added that financing expenses dropped to $26 million from $56 million, while higher crude oil prices also contributed.

Oil Refineries said its fourth-quarter refining margin amounted to $4.9 a barrel, or $36.2 a ton, compared with the average Reuters' quoted Mediterranean Ural Cracking Margin of $1.3 a barrel and $13.9 a ton.

That's down from $5.5 a barrel and $40.3 a ton in the fourth quarter of 2008.

Oil Refineries said it would pay a divided of $75 million, or 3 cents a share, on April 12.