BREAKING NEWS

Africa-Israel reports NIS 1.8b profit

By HILLEL KOREN / GLOBES

MARCH 31, 2011 13:08

Africa-Israel Investments Ltd. (TASE:AFIL) posted a net profit of NIS 1.83 billion in 2010, compared with a net loss of NIS 764 million in 2009. Net profit attributable to majority shareholders was NIS 1.7 billion, compared with net loss attributable to majority shareholders of NIS 674 million in 2009.

Revenue rose 27% to NIS 5.92 billion in 2010 from NIS 4.64 billion in 2009. Net cash flow from operations rose to NIS 1.11 billion in 2010 from NIS 941 million in 2009. The company reported a capital gain of NIS 435 million on revaluations of assets in 2010. In the fourth quarter alone, the company reported a capital gain of NIS 626 million on revaluations.

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