Delek swings to Q1 profit, selling insurer to China's Fosun

May 27, 2015 2:11 PM

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JERUSALEM May 27 Israeli energy company Delek Group swung to a profit in the first quarter after selling shares in its U.S. operation and said it is negotiating the sale of insurer Phoenix Holdings to China's Fosun International.

Delek reported on Wednesday a quarterly net profit of 210 million shekels ($54.13 million), compared to a net loss of 195 million shekels a year earlier. It was boosted by a 115 million shekel gain from the sale of shares in Delek U.S..

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