Bethel Finance: Delek Real Estate losses widen eight-fold

www.bethelfinance.com

Bethel Finance news:

Delek Real Estate Ltd. (TASE: DLKR), controlled by Yitzhak Tshuva, posted a net loss of NIS 256.6 million for the third quarter of 2011, eight times its net loss of NIS 33.6 million for the corresponding quarter of 2010. Revenue fell to NIS 291.1 million from NIS 310 million.

Delek Real Estate's shareholders' equity deficit rose to NIS 2.2 billion at the end of September.

Last week, State Comptroller Micha Lindenstrauss announced that he will investigate the haircut that Tshuva is considering for Delek Real Estate's bondholders. Lindenstrauss will investigate the regulators' conduct and oversight on companies that raise capital as well as the offerings themselves.

Delek Real Estate's share price fell 1.5% in morning trading today to NIS 0.197, giving a market cap of NIS 77 million.