Tel Aviv-listed Delek Automotive Systems reported net profit of NIS 33 million for the third quarter, 45% below the third quarter last year, when earnings were NIS 61 million.

Second-quarter profit was NIS 32 million.

Revenue for the third quarter decreased 40% from the parallel to NIS 611 million. In the third quarter of 2000 Delek Automotive record revenue of NIS 1.02 billion.

For the first nine months of 2001, sales shrunk to NIS 1.76 billion, 25% less than in the parallel period of last year.

Net profit for the nine months decreased 25% from the parallel to NIS 114 million.

Delek Group may float subsidiary on TASE
Delek Automotive's parent company Delek Group, which is controlled by businessman Yitzhak Tshuva, may float its fully-owned subsidiary Delek The Israel Fuel Corporation, Ma'ariv reports.

The offering would be done on the Tel Aviv Stock Exchange.

Group president Avinoam Finkelman commented that no final decisions have been reached.