JERUSALEM, March 24 Israeli conglomerate Delek
Group reported on Sunday a sharp drop in quarterly
net profit after earnings in the year-earlier quarter were
boosted by a one-time accounting gain.
Delek's net profit fell to 203 million shekels ($63.5
million)in the fourth quarter of 2012 from 2.16 billion shekels
a year earlier. In the fourth quarter of 2011 Delek had a
capital gain of 2.2 billion shekels.
Delek Group, through its subsidiaries, has major shares in a
number of newly discovered Israeli offshore natural gas fields.
The Tamar field, which Delek developed together with
Texas-based Noble Energy, has estimated reserves of 9.7
trillion cubic feet and is expected to begin production next
The Tamar partners last year signed 14 deals worth about $39
billion to supply the local Israeli market with gas, Delek said.
Delek's fourth quarter revenue jumped to 18.1 billion
shekels from 16.8 shekels a year before. It declared a dividend
of 220 million shekels or 19.33 shekels a share for the fourth
quarter of 2012.
"We are very excited with the upcoming start of production
from the Tamar gas field expected soon, which will serve the
domestic Israeli market's energy needs for the next two decades,
further improving our cash flow," said Chief Executive Asaf
Bartfeld in a statement.