Africa-Israel Investments (TASE:AFIL01;AFIL1) today announced that its net profit fell 30% in 2002 to NIS 117.3 million. The company’s net profit plummeted 75% in the fourth quarter, due to a NIS 30 million write-down on its assets.
Excluding the write-downs required by accounting Standard 15, Africa-Israel’s quarterly profit would have risen by 40%.
Africa-Israel’s revenue rose 22.4% last year to NIS 2.32 billion. Revenue from construction and real estate rose 28.3% to NIS 1.456 billion, and revenue from industrial activities rose 133% to NIS 365 million.
On the other hand, revenue from tourism and hotel business fell 15.4% to NIS 201.3 million in 2002.
The costs and expenditures item rose 32% to NIS 2.09 billion, causing a 25% drop in Africa-Israel’s operating profit to NIS 237.6 million.
Africa-Israel posted NIS 50 million in property depreciation and allowances in 2002, compared with NIS 9 million in 2001.
Published by Globes [online] - www.globes.co.il - on March 30, 2003