May 15, 2019 / 12:50 PM / a month ago

Israel's Oil Refineries Q1 profit falls, refining margins up

TEL AVIV, May 15 (Reuters) -

* Israel’s Oil Refineries (ORL) on Wednesday reported lower quarterly net profit, saying timing differences on the value of its inventory offset higher refining margins.

* ORL, Israel’s largest refining and petrochemicals group, earned $63 million in the third quarter, down from $74 million a year earlier.

* Its adjusted refining margin was $7.7 a barrel in the quarter, compared with Reuters’ quoted Mediterranean Ural Cracking Margin of $3.6 a barrel and $5.5 a year earlier.

* Revenue fell to $1.57 billion from $1.65 billion.

* ORL is controlled by Israel Corp, which holds a 33.1 percent stake. (Reporting by Tova Cohen)

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