May 31, 2018 / 8:06 AM / 20 days ago

Israeli energy firm Delek Group Q1 profit, revenue up

JERUSALEM, May 31 (Reuters) - Israeli energy conglomerate Delek Group reported on Thursday higher first-quarter net profit and sales, though it saw a decline in revenue from energy operations in Israel after selling part of its stake in a major gas field.

Delek said it earned 243 million shekels ($68 million) in the first quarter, up from 220 million a year earlier. Revenue rose to 1.78 billion shekels from 1.54 billion.

Last year it sold 9.25 percent of its stake in the Tamar offshore gas field, leaving it with a 22 percent share. That resulted in lower income from gas production in the project, which was offset by expanded operations abroad as well as growth in its fuel product segment, the company said.

Delek is also a partner in the massive Leviathan gas field, which it said remains on target.

“Almost half of the Leviathan project has been completed and is on track for production of first gas during 2019,” said Chief Executive Asaf Bartfeld.

Delek declared a dividend of 120 million shekels.

$1 = 3.5670 shekels Reporting by Ari Rabinovitch Editing by Steven Scheer

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