Alrov (Israel) Ltd. (TASE: ALRO) subsidiary Alrov Properties and Lodgings Ltd. (TASE: ALRPR) today published its financial report for the fourth quarter and full year of 2008. The company posted NIS 456.9 million revenue in 2008, 29% less than the NIS 646.4 million in 2007, and it posted a net loss of NIS 54.5 million, compared with a net profit of NIS 225.5 million the year before.
For the fourth quarter, Alrov Properties posted NIS 166.1 million revenue, up 58% on the NIS 103 million for the corresponding quarter of 2007. Net profit rose to NIS 12.4 million from NIS 9.4 million for the corresponding quarter. The full-year net loss was due to a net loss of NIS 66.9 million in January-September.
Alrov CEO and chairman Alfred Akirov's salary cost totaled NIS 2.1 million in 2008, and the salary cost of Alrov Properties CEO Ben Moshe Shmuel was NIS 3.65 million.
Alrov Properties financing expenses fell to NIS 115.3 million in 2008 from NIS 140.5 million in 2007.
Alrov Properties' assets totaled NIS 5 billion at the end of 2008, of which NIS 2.03 billion were in Israel and NIS 2.9 billion overseas, compared with NIS 4.04 billion at the end of 2007, of which NIS 1.79 billion were in Israel and NIS 2.24 billion overseas. The NIS 951 million increase was due to the purchase of Asia House in Tel Aviv for NIS 217 million and NIS 146 million investments in the Mamilla commercial and hotel project in Jeruasalem, as well as investments in income-producing properties in France and Switzerland for a total of NIS 661 million.
The company's full-year revenue from Israel fell to NIS 322.8 million in 2008 from NIS 494.2 million in 2007, while overseas revenue fell to NIS 134.1 million from NIS 152.2 million.
Alrov's share rose 3.5% by midday to NIS 18.72, and Alrov Properties' share rose 5.6% to NIS 17.51.
Published by Globes [online], Israel business news - www.globes-online.com - on March 26, 2009
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