Israeli conglomerate Delek Group swung to a loss in the first quarter, due to write-downs to the value of various holdings the company intends to sell as it refocuses its business on gas exploration. Delek, which currently encompasses energy, insurance and biochemicals, said on Thursday it lost 195 million shekels ($56.2 million) in the quarter, compared with net profit of 53 million shekels a year earlier. A loss at its European fuel operations also hurt its bottom line.Excluding impairments, Delek posted net income in the first three months of 2014 of 111 million shekels. Revenue fell to 8.9 billion shekels from 9.1 billion.Delek plans to reduce its stake in Delek US Holdings to 9.8 percent and sell its holdings in Republic Insurance and in Phoenix Holdings.The company, through its subsidiaries, has major shares in a number of newly discovered gas fields off Israel's coast.
Delek US Holdings, Inc. (Delek) is an integrated energy business focused on petroleum refining, the wholesale distribution of refined products and convenience store retailing. Shares of DK traded higher by 1.52% or $0.46/share to $30.66. In the past year, the shares have traded as low as $19.83 and as high as $36.63. On average, 1067710 shares of DK exchange hands on a given day and today's volume is recorded at 258079.
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