Israel's
Azrieli Group Ltd. (TASE: AZRG) today reported its first quarter financial results, with funds from operations (FFO) attributable to real estate business rising from NIS 205 million in the first quarter of 2015 to NIS 232 million in the first quarter of 2016, a 13% increase. Net operating income (NOI) was up 7% to NIS 319 million, and same property NOI rose 3% to NIS 304 million. Net profit soared from NIS 191 million in the corresponding quarter last year to NIS 674 million in the first quarter of this year. Excluding revaluation, profit totaled NIS 406 million, compared with NIS 201 million in the first quarter of 2015.
Commenting on his company's report, Azrieli Group CEO Yuval Bronstein said, "The first quarter results demonstrate the group's power and ability to take the lead in important initiatives as part of the development of its core business. The group's results include strong NOI and FFO indicators. In the first quarter alone, the company carried out and completed deals, including the sale of Sonol Israel Ltd,, the acquisition of Ahuzat Bayit in Ra'anana, the purchase of land in Holon, and the acquisition of Buy2, together with the group's extensive development activity. We are continuing our focus on the group's core business, promoting its special development activity, upgrading its existing properties, marketing new properties, and also issues of debt."
Azrieli Group chairperson Danna Azrieli said, "Since the beginning of the year, we have carried out deals amounting to NIS 1.5 billion. The group's strategy, which consists of upgrading its existing properties, completing projects under construction, developing new projects, and focusing on its core business, is the basis for its future growth and success."
Published by Globes [online], Israel business news - www.globes-online.com - on May 25, 2016
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