Israel's Delek Group moves to net loss in Q3

JERUSALEM | Sun Nov 30, 2008 10:10am EST

JERUSALEM Nov 30 (Reuters) - Israeli conglomerate Delek Group DELKG.TA said on Sunday it moved to a quarterly net loss due to a drop in value of its real estate investments.

Delek posted a third-quarter net loss of 612 million shekels ($154 million), or 54.81 shekels per diluted share, compared with a profit of 484 million shekels, or 41.07 shekels a share, a year earlier.

Revenue rose to 13.5 billion shekels from 10.6 billion but the value of its real estate for investment fell by 300 million shekels while a year ago it rose 294 million shekels.

Delek Group, which has interests in the real estate, energy, automotive and financial sectors, is 62 percent-controlled by billionaire Yitzhak Tshuva.

Tshuva also owns New York's Plaza Hotel through a private company called Elad Group.

($1 = 3.92 shekels) (Reporting by Steven Scheer; Editing by Andrew Macdonald)

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