Africa-Israel reports lower profit on higher revenue

Africa-Israel Investments Ltd. (TASE:AFIL), controlled by chairman Lev Leviev, reported its results for the fourth quarter and full year 2011 this morning. Profit attributable to the company owners totaled NIS 315 million in 2011, down from NIS 1.7 billion in 2010, which included profit of NIS 1.45 billion in an accounting adjustment from completing its debt settlement. Fourth quarter profit was NIS 85 million, down from NIS 479 million from the corresponding quarter.
Africa-Israel reported NIS 7.4 billion revenue in 2011, up 25% from NIS 5.9 billion in 2010. Revenue from leasing and operating income-producing assets rose 53% in 2011 to NIS 672 million from NIS 440 million in 2010 (of which NIS 250 million is revenue from AFI Mall Moscow, which opened in May 2011). The value of the group's real estate assets grew from NIS 15.9 billion at the end of 2010 to NIS 17.8 billion at the end of 2011.
In 2011, Africa-Israel sold assets for NIS 479 million and in 2012 so far the company has received NIS 576 million for the sale of assets and operations.
Africa-Israel also said that it is currently reducing its financial debt through early repayment of the fund for series 26 bondholders for 2013-2014 worth NIS 600 million.
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