Profits spiked for Israel Oil Refineries in the third quarter despite a drop in revenues, with the company reporting Wednesday its profits for the period at $100 million, as compared to only $42,000 a year earlier. Oil Refineries is Israel's biggest refinery. Revenues were down from $2.62 billion a year ago, to $1.45 billion in the third quarter.
The company attributed the rise to strong refining margins, lower financing expenses and a tax gain. Financing expenses dropped due to a "fair value adjustment" of financial derivatives, leading to a drop from $52 million a year ago, to $17 million in this third quarter. A decline in interest expenses was also cited as part of the reason for the rise in the profit margin, which totalled $8.10 per barrel.