IDB Holding Corp. Ltd. (TASE:IDBH) unit Property and Building Ltd. (TASE: PTBL) today published its financial report for the fourth quarter and full year of 2009. Revenue dipped to NIS 1.55 billion in 2009 from NIS 1.57 billion in 2008.
Rental income fell to NIS 496 million in 2009 from NIS 520 million 2008, while income from the sale of land and properties rose to NIS 511 million in 2009 from NIS 492 million in 2008.
Fourth quarter revenue rose 110% to NIS 324 million from NIS 135 million for the corresponding quarter of 2008.
Property and Building's net loss attributable to shareholders increased to NIS 205 million in 2009 from NIS 119 million in 2009. Fourth quarter net loss was NIS 300 million compared with NIS 247 million for the corresponding quarter of 2008.
Some of Property and Building's projects in Las Vegas, held through its 50% stake in IDB Group USA Inc., weighed on the company in 2009. In the fourth quarter, it made a NIS 237 million write-down on the Plaza hotel and casino, a joint venture with Yitzhak Tshuva's Elad Properties. The total write-down on the project was $250 million, as the companies chose to value it conservatively, using the lower end of the $1-1.2 billion valuation range.
Property and Building also made a NIS 41 million write-down in the fourth quarter on its Great Wash Park project, a 70,000-square meter commercial and office complex.
Other projects did better. Property and Building reported that 136 of the 219-apartments in the Queensridge Tower project had been sold for $296 million. 77 apartments remain unsold in the project.
Property and Building's share price fell 2.4% by midday today to NIS 315.90, giving a market cap of NIS 1.91 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on March 22, 2010
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