Azrieli reports rise in profit

Danna Azrieli

Azrieli's second quarter net profit was NIS 258 million, excluding one time expenses of purchase tax on land, up from NIS 246 million.

Azrieli Group Ltd. (TASE: AZRG) today reported its second quarter results, with an overall profit of NIS 244 million, compared with NIS 243 million in the second quarter of last year. Excluding one-time expenses for purchase tax on land in Holon, the company's second quarter net profit was NIS 258 million, compared with NIS 246 million in the corresponding quarter last year.

Excluding revaluing of real estate in the second quarter, Azrieli's second quarter profit totaled NIS 219 million, 6% more than its NIS 206 million profit in the second quarter of 2015.

Azrieli's revenue totaled NIS 464 million in the second quarter, up from NIS 444 million in the corresponding quarter last year. Rent revenue was NIS 115 million, compared with NIS 113 million in the second quarter of 2015.

The group's funds from operations (FFO) rose 7%, from NIS 217 million in the second quarter of last year to NIS 232 million in the second quarter of 2016. Net operating income (NOI) was up 5% to NIS 321 million, and NOI from similar properties in Israel was 4% more than in the corresponding quarter last year.

Azrielli chairperson Danna Azrieli said, "A summary of the first half of the year shows the group's force, soundness, and stability in its core activity. The recent business measures undertaken by the group in its core income-producing real estate sectors match its strategy, and contribute to its continued growth in the future."

Azrieli CEO Yuval Bronstein added, "The group is in the midst of momentum in development and construction, and we sense growing demand for the rental properties we are building and will build in the future."

Published by Globes [online], Israel business news - www.globes-online.com - on August 25, 2016

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

Danna Azrieli
Danna Azrieli
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