Azrieli Group Ltd. (TASE: AZRG) reported a tripling in profit and rise in NOI in the third quarter of 2014.
NOI in the third quarter of 2014 was NIS 285 million, up 3% from NIS 277 million in the corresponding quarter last year. Net profit for shareholders was NIS 170 million, more than triple the NIS 55 million in corresponding quarter of 2013, primarily thanks to the growth in the NOI and the decrease in financing expenses, and in tax expenses. Comprehensive profit for shareholders was NIS 303 million, up from NIS 96 million in the corresponding quarter in 2013, mainly thanks to growth in the net profit, devaluation of the US dollar, and strengthening of Bank Leumi (TASE: LUMI) stock in this quarter.
Azrieli Group CEO Yuval Bronstein said, "The Azrieli Group continues to display good performance also in the current challenging business and security environment, including during Operation Protective Edge in this quarter. Our performance reflects continued growth and improvement in NOI, FFO and all operating metrics."
He added, "The Group's growth strategy, which focuses on improving our income-producing properties and expanding our portfolio through acquisitions and development, is reflected in our investment of about NIS 922 million since the beginning of the year and in significant progress on the development pipeline, which will begin to contribute to NOI in 2015: The Azrieli Holon Center Phase B, the Azrieli Ramla Mall, and construction of the second floor at the Ayalon Mall, and in 2017 the Azrieli Sarona Center."
Published by Globes [online], Israel business news - www.globes-online.com - on November 19, 2014
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