Rental revenue pushes Mirland into the black

Rental revenue tripled compared with the corresponding quarter.

Fishman Holdings' Russian real estate subsidiary Mirland Development Corporation plc (AIM:MLD; TASE: MRLD.B1) today published its unaudited financial report for the first quarter of 2008. The company posted a net profit of $4.6 million ($0.04 per share), compared with a net loss of $1.3 million for the corresponding quarter of 2007.

Mirland posted $4 million in rental income for the first quarter, triple the $1.5 million for the corresponding quarter, while revenue from management fees rose to $547,000 from $189,000. Total revenue rose to $4.5 million from $1.5 million. Although the company posted an operating loss of $3.5 million for the first quarter, compared with $2.3 million for the corresponding quarter, this was more than offset by $14 million in financing revenue compared with $3.4 million for this item for the corresponding quarter.

Mirland had $674 million in shareholders' equity at the end of March, up from $521.4 million a year earlier.

Mirland is controlled by Jerusalem Economic Corp. (TASE:ECJM) (JEC), its subsidiary Industrial Buildings Corp. (TASE: IBLD) and sister company Darban Investments Ltd. (TASE: DRBN).

Eliezer Fishman is the controlling shareholder in “Globes”.

Published by Globes [online], Israel business news - - on May 20, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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