JERUSALEM, May 31 - Paz Oil (PZOL.TA), Israel's largest distributor of refined oil products, on Sunday reported a 57 percent drop in quarterly net profit, hurt by one-time accounting changes and lower revenues.
Paz posted first-quarter profit of 101 million shekels ($26 million), or 9.97 shekels per diluted share, compared with profit of 237 million shekels, or 23.41 shekels a share, a year earlier.
Excluding the accounting changes and hedging expenses, Paz said net profit rose to 200 million shekels from 113 million.
Revenue slipped to 2.6 billion shekels from 4.3 billion due to the decline in the prices of fuels.
($1 = 3.96 shekels)
Paz posted first-quarter profit of 101 million shekels ($26 million), or 9.97 shekels per diluted share, compared with profit of 237 million shekels, or 23.41 shekels a share, a year earlier.
Excluding the accounting changes and hedging expenses, Paz said net profit rose to 200 million shekels from 113 million.
Revenue slipped to 2.6 billion shekels from 4.3 billion due to the decline in the prices of fuels.
($1 = 3.96 shekels)
