Mivtach Shamir Holdings Ltd. (TASE:MISH) today reported a surge in its net profit, following the Tnuva Food Industries Ltd. deal. The company, controlled by Meir Shamir, reported a NIS 461.9 million net profit in the first quarter, compared with a NIS 6.2 million profit in the corresponding period last year.
Following the completion of the sale of Tnuva to Chinese corporation Bright Food, Mivtach Shamir distributed a NIS 105 million dividend, amounting to NIS 10 per share.
Mivtach Shamir's equity totaled NIS 1.33 billion at the end of the first quarter, amounting to 83% of its balance sheet total.
Mivtach Shamir is an investment company operating in two main areas: real estate and technology. Its net profit therefore includes, and is mainly influenced by, the following factors: the company's net share I the profits of its held companies, net profits from selling its holdings, revision of the value of its investments, and other one-time factors influencing the company and its held companies.
Published by Globes [online], Israel business news - www.globes-online.com - on May 31, 2015
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