Azrieli Group Ltd. (TASE: AZRG) reported flat revenue for the third quarter of 2012.
Consolidated revenue was unchanged at NIS 2.25 billion for the first quarter, while revenue from real estate rose to NIS 354.6 million from NIS 343.7 million for the corresponding quarter of 2012. The company reported a net loss of NIS 7.8 million on the fair value of properties for the quarter.
Net profit attributable to majority shareholders edged up to NIS 185 million for the first quarter from NIS 184 million for the corresponding quarter. Consolidated net profit fell to NIS 188.6 million (NIS 1.53 per share) from NIS 198.5 million.
Net operating income NOI and same property NOI both rose 3% to NIS 277 million for the first quarter from NIS 269 million for the corresponding quarter, and funds from operations (FFO) rose 5% to NIS 182 million from NIS 174 million.
In Israel, Azrieli Group owns 13 malls and retail centers, with 257,000 square meters of space leased to 1,750 tenants, and owns nine office buildings, with 293,000 square meters of space leased to 480 tenants. In the US, the company owns six office buildings, with 179,000 square meters of space leased to 260 tenants. The company also wholly owns Granite Hacarmel Investments Ltd., whose holdings include fuel company Sonol Israel Ltd., paint maker Tambour Ltd., Global Environmental Solutions Ltd. (GES), and Via Maris Desalination Ltd., as well as stakes in Bank Leumi (TASE: LUMI) and Leumi Card Ltd..
Published by Globes [online], Israel business news - www.globes-online.com - on May 23, 2013
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