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ORL Polymers generates operating profit of $8 mn
21
Aug '08
Oil Refineries Ltd (ORL) announced its financial results for three and six month periods ending June 30, 2008.

SECOND QUARTER 2008 Refining margin for the second quarter 2008 totaled USD/bbl 9.2 compared with USD/bbl 3.7 in the first quarter 2008. Refining margin for the second quarter 2008, net of both the IFRS recording method for derivative transactions and inventory gains, totaled USD/bbl 6.7, compared to USD/bbl 2.4 in the first quarter 2008.

The Mediterranean Ural Cracking Margin average quoted by Reuters for the second quarter 2008 totaled USD/bbl 6.3. Consolidated EBITDA for the second quarter 2008 totaled $114 million, compared to $35 million in the first quarter 2008.

Consolidated Operating Profit for the second quarter 2008 totaled $95 million, compared to $16 million in the first quarter 2008. Operating profit from the Refining and Trade Segment totaled $78 million in the second quarter 2008, compared to $7 million in the first quarter 2008. Operating profit from the Petrochemicals Segment totaled $18 million in the second quarter 2008, compared to $10 million in the first quarter 2008.

The Petrochemicals Segment includes the results of the Polymers Section (through 50%-held Carmel Olefins Ltd.) and the Aromatics Section (through wholly owned Gadiv Petrochemical Industries Ltd.). The Polymers Section generated an operating profit of $8 million in the second quarter 2008, compared to break even in the first quarter 2008. Operating profit of the Aromatics Section in the second quarter 2008 totaled $10 million, similar as the $10 million generated in the first quarter 2008.

Consolidated net income for the second quarter totaled $71 million, compared to $2 million in the first quarter 2008. FIRST SIX MONTHS 2008 Refining margin for the first six months 2008 totaled USD/bbl 6.5. Refining margin for the first six months, net of both the IFRS recording method for derivative transactions and inventory gains, totaled USD/bbl 4.6, compared to USD/bbl 8.4 in the first six months last year. The Mediterranean Ural Cracking Margin average, quoted by Reuters, for the first six months 2008 totaled USD/bbl 5.0. Consolidated EBITDA for the first six months 2008 totaled $149 million, compared to $223 million in the same period last year.

Consolidated Operating Profit for the first six months 2008 totaled $111 million, compared to $161 million in the first six months 2007. Operating profit from the Refining and Trade Segment totaled $85 million in the first six months 2008, compared to $135 million last year. Operating profit from the Petrochemicals Segment totaled $28 million in the first six months 2008, compared to $30 million in the comparable period last year. The Petrochemicals Segment includes the results of the Polymers Section and the Aromatics Section. The Polymers Section generated an operating profit of $8 million in the first six months 2008, compared to $14 million in the same period last year.

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