Property valuations boost Azrieli profit 526%

Revenue rose slightly to NIS 3.61 billion in the second quarter from NIS 3.14b. in the corresponding quarter.

By GLOBES CORRESPONDENT
August 25, 2011 05:48
1 minute read.
Jerusalem property

property 521. (photo credit: Marc Israel Sellem)

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

Fair-value revaluations on properties boosted the net profit of Azrieli Group Ltd. 526 percent to NIS 388 million (NIS 3.20 per share) in the second quarter of 2011, from NIS 62m. in the corresponding quarter of 2010. The company handily beat the analysts’ consensus of NIS 1.70 earnings per share.

Azrieli Group reported a net fair-value gain on its assets of NIS 273m. in the second quarter, compared with a fair-value loss of NIS 7m. in the corresponding quarter. The company said it expects to report a further fair-value gain in the third quarter.

Be the first to know - Join our Facebook page.


Revenue rose slightly to NIS 3.61 billion in the second quarter from NIS 3.14b. in the corresponding quarter.

Net operating income (NOI) rose 9% to NIS 239m. in the second quarter from NIS 219m. in the corresponding quarter, and funds from operations (FFO) on real estate rose 14% to NIS 326m. from NIS 285m.

Azrieli Group had NIS 8.51b. in assets at the end of June, including NIS 6.11b. in malls and other properties, NIS 1.1b. for its stake in Bank Leumi, NIS 498m. for its stake in Leumi Card Ltd., and NIS 773m. for its subsidiary Granite Hacarmel Investments Ltd., which owns fuel company Sonol Israel Ltd,, paint maker Tambour Ltd., GES Global Environmental Solutions Ltd. and other companies.

Azrieli Group also had NIS 1.6b. in cash and cash equivalents at the end of June.

Azrieli Group’s share price rose 0.8% by midday to NIS 87.30, giving a market cap of NIS 10.5b.

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection

By GLOBES, NIV ELIS