Africa-Israel reports higher profit

Avraham Novogrocki

CEO Avraham Novogrocki: We're going ahead with projects in Russia.

After Africa-Israel Investments Ltd.'s (TASE:AFIL) share plunged at the beginning of the week due to concern about a decline in its situation in Russia, following by a correction in the share price, the Lev Leviev-controlled holding company published its third quarter results today, showing a 28% rise to NIS 55 million in net profit.

Africa-Israel's profit in the first nine months of the year totaled NIS 6.5 million, compared with a NIS 78 million loss in the corresponding period last year. In its solo reports, the company reported liabilities totaling NIS 3.5 billion, nearly NIS 400 million of which consists of current liabilities, including NIS 141 million in bond debt. Equity was NIS 3.86 billion, and cash and short-term investments totaled NIS 711 million.

Africa-Israel CEO Avraham Novogrocki commented on the situation in Russia, saying, "The company continues following developments closely, while going ahead with the substantial projects it is carrying out, such as the AFI mall and the Odinburg residential project, subject to the state of the market and the existing challenges."

With respect to the reports, Novogrocki said, "We're summing up a good quarter, reflected mainly by growth in profit and equity. We successfully completed a new bond issue in the quarter, which helped strengthen financial soundness and diversified the company's sources of financing."

Published by Globes [online], Israel business news - www.globes-online.com - on November 27, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

Avraham Novogrocki
Avraham Novogrocki
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