Azrieli Q3 profit nearly triples

azrieli group, yuval bronstein

Net profit climbed to NIS 279 million from NIS 102 million in the corresponding quarter of 2015.

Azrieli Group Ltd. (TASE: AZRG) reported its third quarter results this morning. Azrieli's net profit jumped to NIS 279 million, compared with a NIS 102 million net profit in the third quarter last year. Operating profit grew to NIS 430 million, compared with NIS 289 million in the corresponding quarter in 2015.

Moreover, funds from operations (FFO) rose 8% to NIS 244 million, while net operating income (NOI) was up 4% to NIS 328 million. The group's turnover also rose 6%.

Azrieli reported that since the beginning of the third quarter, over 20,000 square meters of office space has been leased in the Azrieli Center in Holon and in properties being constructed in Tel Aviv (Azrieli Town and Sarona) and near the Rishonim railway station in Rishon Lezion.

Azrieli Group CEO Yuval Bronstein said, "In this quarter we continued reporting strong results, with a continuous growth in the most important indices, such as FFO and NOI, in addition to reduced interest on the company's liabilities, manifested in the debt raising carried out during the quarter. Due to a high demand for office space owned by the group, since the beginning of the quarter, we marketed over 20,000 square meters in projects undergoing development. At the same time, we continued investing and expanding our growth engines via intensive development and by entering synergetic activity sectors.

Published by Globes [online], Israel business news - www.globes-online.com - on November 23, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

azrieli group, yuval bronstein
azrieli group, yuval bronstein
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