Luxury residential developer Habas HZ Investments Ltd. (TASE: HABS) is benefiting from its Yoo Tel Aviv and Rothschild 1 high-rises. The company today published its financial report for the fourth quarter and full year of 2009.
Habas' revenue rose 43% to NIS 434.6 million in 2009 from NIS 303.6 million in 2008. The company reported NIS 387 million in sales of apartments in 2009 in its Yoo Tel Aviv project in Park Hatzameret, and aggregate sales have totaled NIS 741 million. The company has also sold all the apartments in its 1 Rothschild Boulevard project, except for two penthouses, for NIS 695 million, including VAT. The apartments will be handed over this year.
Operating profit rose almost 10-fold to NIS 93.9 million in 2009 from NIS 9.5 million in 2008
Habas' posted a loss from its holdings in subsidiaries of NIS 15 million in 2009, compared with NIS 35.5 million in 2008. These include Habas Swiss Investments AG, which leases properties to DIY retailer Hornbach Holding AG (XETRA:HGH), and a stake in Nieuwe Steen Investments NV (NSI) (AEX:NISTI).
Habas narrowed its net loss to NIS 50.1 million in 2009 from NIS 132.2 million in 2008. Net loss attributable to shareholders narrowed to NIS 22.8 million (NIS 0.95 per share) from NIS 146.1 million in 2008.
Habas' fourth quarter revenue rose to NIS 105.8 million from NIS 97.3 million for the corresponding quarter of 2008. The company posted a net profit of NIS 14.8 million for the fourth quarter compared with a net loss of NIS 51.5 million for the corresponding quarter.
Published by Globes [online], Israel business news - www.globes-online.com - on March 22, 2010
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