Azrieli Group Ltd. (TASE: AZRG) today reported lower revenue and profits for the third quarter of 2013. Revenue fell to NIS 403 million for the third quarter from NIS 426.9 million for the corresponding quarter, and net profit fell to NIS 56.1 million from NIS 211.1 million. The drop in profits was due to a one-time tax expense of NIS 138 million.
Net operating income (NOI) was flat, at NIS 277 million for the third quarter, compared with NIS 275 million for the corresponding quarter, while funds from operations (FFO) rose 8% to NIS 195 million from NIS 180 million. NOI from Israeli office and commercial space rose to NIS 76 million for the third quarter from NIS 71 million for the corresponding quarter.
Azrieli Group invested NIS 230 million in property development and redevelopment during the third quarter and NIS 717 million in January-September.
"Alongside the development activity, we have performed in this quarter moves that will lead to a reduction in the group's financing costs," said Azrieli group CEO Yuval Bronstein.
Published by Globes [online], Israel business news - www.globes-online.com - on November 19, 2013
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