Africa-Israel Investments Ltd. (TASE:AFIL), controlled by Lev Leviev, reported its results for the third quarter of 2012 today. The company made a loss of NIS 181 million, compared with a profit of NIS 148 million in the corresponding quarter of 2011.
The loss stems mainly from a loss by subsidiary NIS 140 million by AFI Development, arising from a 5.8% appreciation of the ruble against the US dollar, and from financing expenses of NIS 78 million at Africa Israel.
Profit on letting and operating assets totaled NIS 140 million in the quarter, compared with NIS 113 million in the corresponding quarter. The growth in profitability was mainly thanks to the contribution from AFI Mall City in Moscow.
Profit on industrial activity totaled NIS 21 million in the quarter, compared with NIS 59 million in the corresponding quarter. The fall was mainly due to a fall in steel prices in Russia and Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on November 29, 2012
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