Delek Group Slips To Loss - Quick Facts

(RTTNews) - Israeli natural gas company Delek Group Ltd (DGLRY) Thursday reported a net loss to stockholders of 195 million Israeli shekels for the first quarter, compared with net income of 56 million shekels last year.

Results were hurt by the write-downs to the values of various holdings on the balance sheet, which the company intends to or is forced to divest of in the near future.

"n line with IFRS, following the sale of Delek US shares, the agreements with regard to the sale of Delek Europe and Republic Insurance Companies, as well as the effects of the provisions of the Market Concentration Law's (concerning the separation of significant non-financial holdings and significant financial entities which will affect the Company's holdings in Phoenix), 306 million shekels was written down, thereby reducing the net profit," the company said in a statement.

The net income, excluding the amortization impact, was 111 million shekels, compared with 56 million shekels a year ago.

Revenues for the quarter were lower at 8.94 billion shekels, compared with 9.12 billion shekels in the prior year.