Africa-Israel Investments Ltd. (TASE:AFIL), controlled by chairman Lev Leviev, swung to a net profit on higher revenue for the third quarter of 2013. Revenue rose to NIS 1.87 billion for the third quarter from NIS 1.53 billion for the corresponding quarter of 2012, and net profit was NIS 43 million, compared with a net loss of NIS 181 million.
Net operating income (NOI) from real estate rose 6% to NIS 148 million for the third quarter from NIS 140 million for the corresponding quarter. Africa-Israel attributed the growth to the AFIMall City in Moscow, held through AFI Development plc (LSE:AFID), and the consolidation for the first time of income from AFI Palace Controceni mall and adjacent office buildings in Bucharest, held through AFI Europe NV, and increased income from properties in Israel.
Profits from industrial activities (Africa-Israel Industries Ltd. (TASE: AFID)) rose 44% to NIS 36 million for the third quarter from NIS 25 million for the corresponding quarter.
"We are moving forward on initiating and development selected projects in Russia, Eastern Europe, and Israel, which will be the company's future growth engines. When they are completed, they will add value and increase cash flow in the coming years," said Africa-Israel CEO Avraham Novogrocki.
Published by Globes [online], Israel business news - www.globes-online.com - on November 28, 2013
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