Africa-Israel reports NIS 1 billion profit

By YAEL GRUNTMAN/ GLOBES
November 28, 2010 15:59

Africa-Israel Investments Ltd. reported an accounting profit of NIS 1.15 billion in the third quarter of 2010 compred with a loss of NIS 348 million in the corresponding quarter of 2009. The company, controlled by Lev Leviev, published its third quarter financial report today, the first quarter after completing a debt arrangement of unprecedented scope.

Most of the sharp increase in profit was due to higher financing income due to the debt arrangement.

Africa-Israel also forecasts gross profit of NIS 410 million in the fourth quarter of 2010 providing all reported deals are completed including the sell of 50% stakes in Africa-Israel Hotels and Road 6 operator, Derekh Eretz Highways Ltd.

All Africa-Israel's subsidiaries have reported profit and growth in their business activities for the third quarter.


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