Excellence Investments Ltd. (TASE: EXCE) today published its financial report for the third quarter of 2007. The investment house posted NIS 100 million revenue, 37% more than for the corresponding quarter of 2006. Net profit rose 73% over the corresponding quarter to NIS 26 million.
Excellence attributed the growth in revenue to its expansion of financial products, from which it receives management fees and commissions. The company manages customers' investment portfolios, and mutual and provident funds. In March, Excellence acquired the provident funds of Mizrahi Tefahot Bank (TASE:MZTF), which manage NIS 10.2 billion in assets, for NIS 337 million.
Excellence said that there was no change in its revenue from its investment banking and underwriting activities, or from commissions on securities transactions.
Excellence also reported a significant increase in its financing expenses to NIS 17 million for the third quarter - 8.5 times the amount for the corresponding quarter. As with many financial companies, Excellence published a warning on this item, which it attributed to the rise in the Consumer Price Index (CPI) during the third quarter, compared with the corresponding quarter. The company has NIS 270 million in index-linked liabilities.
The investment house posted NIS 36 million inn profit from regular activity for the third quarter, 9.1% more than for the corresponding quarter.
Published by Globes [online], Israel business news - www.globes-online.com - on November 18, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007