Paz Oil Company Ltd. announced earnings results for the first quarter of 2016. The company reporting a rise in net profit from ILS 167 million in the first quarter of 2015 to ILS 222 million in the first quarter of 2016, a 33% increase. The company attributes the increase to significant improvement in the retail, industrial, and services sectors' results, and to a capital gain on the sale of the company's holdings in Pi Gliliot shares, which contributed ILS 58 million to the company's pre-tax profit. These were partially offset by one-time expenses for lawsuits. The company's operating profit was up 7% to ILS 308 million, and its earnings before interest, taxes, depreciation, and amortization rose to ILS 407 million.