August 30, 2012:

Paz Oil, Israel's largest distributor of refined oil products, reported a 70 percent rise in quarterly profit, boosted by improved refinery margins and efficiency measures. Paz on Thursday said it earned 73 million shekels ($18 million) in the second quarter, compared with 43 million in the year-earlier period. Revenue rose 10 percent to 5.18 billion shekels. "The improvement in refinery margins and the strengthening of the U.S. dollar improved operating profits despite the increase on energy expenditures and the cogeneration power plant's low utilization level, due to the shortage in natural gas in Israel," said CEO Yona Fogel. Paz said its profitability was helped by its convenience stores and cost cutting steps, such as cancelling discounts and reducing customer credit.

By Reuters