Israeli real estate group Azrieli Q1 profit jumps

Israeli real estate group Azrieli Q1 profit jumps
26/05/2016 , by , in INTERNATIONAL

Israeli real estate developer Azrieli Group reported a sharp rise in quarterly net profit, boosted by the revaluation of investment properties and a decrease in the tax rate.

Azrieli, which built Tel Aviv’s Azrieli office and shopping complex, said on Wednesday it earned 672 shekels ($174.5 million) in the first quarter, compared with 188 million a year earlier. Excluding the valuation profits and the tax rate decrease, net profit totalled 244 million shekels.

Net Operating Income (NOI) which reflects the company’s core business rose 7 per cent to 319 million shekels in the quarter, mainly due to a new mall in Israel, high occupancy rates and higher rents in Israeli office buildings.

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