(photo credit: Marc Israel Sellem)
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
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.
Revenue rose slightly to NIS 3.61
billion in the second quarter from NIS 3.14b. in the corresponding
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.
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
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.
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