Real estate development company Property & Building Corporation Ltd. moved into the black in the third quarter of 2005, posting net income of NIS 15 million after reporting a net loss of NIS 4m. in the same period last year.
The company (PBC) said profits were boosted by a 44 percent rise in revenue to NIS 181m. for the three months ended September 30, compared to sales of NIS 126m. in the parallel period of 2004.
Sagi Eitan, CEO of PBC, said the positive results came from the implementation of a new strategy at the company.
"Over the last nine months we intensified our activities in the three main areas which we operate," Eitan said. "We increased our income from local industrial and commercial rental income, residential rentals in Israel and from our real estate investments overseas."
For the first nine months of the year, the company's net income increased six-fold to NIS 98m., from NIS 16m in the parallel period of 2004. It had revenue of NIS 653m. for the year so far, up from the NIS 411m. in the 2004 nine-month period.
Following the announcement, shares in PBC jumped 6% to NIS 428.30 in Tel Aviv.
PBC is a subsidiary of IDB Development Corp.