Report: Azrieli Group Q2 net profit slips, revenue up

August 29, 2010 12:16

The Azrieli Group, which went public in Tel Aviv in June, posted slightly lower net profit in the second quarter due to a decline in the value of its holdings in subsidiary Granite Hacarmel, Reuters reported on Sunday.

Azrieli, which is controlled by Canadian businessman David Azrieli and has numerous investments in Israel including several shopping malls, said on Sunday it had net profit of NIS 62 million ($16.2 million) in the quarter, a decline of 1 million from a year earlier.Revenue rose to NIS 1.6 billion from 1.3 billion.

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