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.

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

property 521. (photo credit: Marc Israel Sellem)


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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.
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.

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