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Bethel Finance news:
Property sales in Manhattan and the Czech Republic and fair value revaluations boosted the net profit attributable to majority shareholders of Africa-Israel Investments Ltd. (TASE:AFIL), controlled by chairman Lev Leviev, to NIS 147.6 million NIS 1.13 per share) for the third quarter of 2011 from NIS 1 million for the corresponding quarter of 2010. Total net profit rose to NIS 305.8 million for the third quarter from NIS 43 million for the corresponding quarter.
Profits from real estate ventures rose ten-fold to NIS 788 million for the third quarter from NIS 78 million for the corresponding quarter, due to the sale of a shopping center in Florida, an office building at 88 Leonard Street in Manhattan's Financial District, and the revaluation of the AFIMall in Moscow and other properties in Russia.
Africa-Israel's revenue rose to NIS 2.41 billion for the third quarter from NIS 1.37 billion for the corresponding quarter. Revenue from land and construction transactions rose over 50% to NIS 822.9 million for the third quarter from NIS 580.3 million for the corresponding quarter, property rental and management revenue rose 84% to NIS 185.1 million from NIS 102.1 million, and revenue from industrial operations rose to NIS 644 million from NIS 498.2 million.
Africa-Israel's balance of income-producing property was NIS 8.7 billion at the end of September, and it had a further NIS 3.6 billion of properties under construction. Its inventory cost of residential properties totaled NIS 2.9 billion, and its inventory of land was NIS 1.8 billion. The company's consolidated cash and cash equivalents fell to NIS 2.1 billion at the end of September from NIS 2.8 billion at the end of 2010.
Africa-Israel CEO Izzy Cohen said that he believes that the company will be able to continue to expand its operations, increase profits, and strengthen its financial position. He added that the company and its subsidiaries were investing heavily in developing and redeveloping projects in Israel, Russia, and Eastern Europe, and starting new income-producing projects."
Africa-Israel's share price rose 3.4% in morning trading to NIS 12.53, giving a market cap of NIS 1.5 billion.
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