Africa-Israel lost NIS 41 million in the first quarter, after losing NIS 106 million in the preceding quarter.
Africa-Israel Investments Ltd. (TASE:AFIL), controlled by chairman Lev Leviev, swung to a net loss of NIS 41 million for the first quarter of 2013, compared with a net profit of NIS 33 million for the corresponding quarter of 2012. The company lost NIS 106 million for the fourth quarter of 2012 and NIS 1.39 billion for the year as a whole.
Profits from real estate ventures fell to NIS 177 million for the first quarter from NIS 225 million for the corresponding quarter, and profits from rental income rose to NIS 128 million from NIS 126. Profits from industrial operations fell to NIS 35 million from NIS 41 million.
Net fair value valuations totaled NIS 66 million in the first quarter. The value of investment properties under construction was NIS 2.9 billion at the end of March, unchanged from the end of 2012. The value of property for investment rose to NIS 11 billion at the end of March from NIS 9.9 billion at the end of 2012, mainly due to the consolidation of a Moscow project, after AFI Development plc (LSE:AFID) bought out its partner.
Published by Globes [online], Israel business news - www.globes-online.com - on May 29, 2013
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