Bethel Finance news:
Dor Alon Energy in Israel (1988) Ltd. (TASE:DRAL) subsidiary Alon USA Energy Inc. (NYSE:ALJ) swung to profit on higher revenue in the first quarter of 2011, and will distribute a quarterly dividend of $0.04 per share. Revenue tripled to $1.65 billion for the first quarter from $579.3 million for the corresponding quarter of 2010.
GAAP-based net profit of $18.7 million ($0.34 per share) for the first quarter of 2011, compared with a net loss of $49.1 million. Non-GAAP net profit was $13.1 million ($0.24 per share) compared with a net loss of $52.9 million for the corresponding quarter.
Cash flow from operations was $24.3 million for the first quarter, compared with a negative $41 million for the corresponding quarter.
Alon USA CEO Jeff Morris has been appointed vice chairman of the company. He was replaced by president Paul Eisman.
Alon USA's share price rose 15.2% on Friday to $13.21, giving a market cap of $731 million.
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