Delek Automotive's net profit fell 70% to NIS 107 million

Delek Automotive, the importer of Mazda and Ford vehicles, published its 2018 reports, which show that its net profit fell 70% to NIS 107 million. After a particularly poor fourth quarter, in which it posted a loss of NIS 46 million
Delek Automotive reports a 4% erosion in Delek Automotive's annual revenue of NIS 3.95 billion, together with a double-digit decline in gross and operating profit.
Delek Automotive is controlled by Gil Agmon, who serves as CEO of the company, with a 40% drop in the past year and Delek Automotive's current market cap of NIS 1.35 billion.
The company's data indicate that most of the negative trend in the past year was responsible for the importation of cars, which showed a decline in profitability. This was in addition to the negative effects on the results of currency changes, mainly the Japanese yen, which significantly increased the company's financing expenses.
The decrease in gross profit is attributed mainly to "the increase in the prices of imported cars and the competition in the automotive sector.