Israeli property group Azrieli Q2 net profit up 43 pct
TEL AVIV Aug 22 (Reuters) - Real estate developer Azrieli Group posted a 43 percent increase in net profit in the second quarter, boosted by an increase in rent and high occupancy rates at its properties in Israel.
Azrieli, which is controlled by Canadian businessman David Azrieli and has an investment portfolio in Israel that includes several shopping malls, said on Thursday it had net profit of 274 million shekels ($77 million) in the quarter compared with 191 million a year earlier.
Net operating income, which reflects the group's core business, rose 3 percent to 277 million shekels mainly due to rent growth in shopping malls and offices in Israel.
The quarter closed with an occupancy rate of 100 percent in all segments in Israel and 89 percent for assets in the United States.
"These results, alongside the significant scope of investments and development, reflect the group's growth strategy, which focuses on the improvement of existing properties and development of new income-producing properties," said Yuval Bronstein, Azrieli's chief executive.
Azrieli also owns Granite Hacarmel, which operates in the energy, paint and water sectors. ($1 = 3.58 shekels) (Reporting by Tova Cohen)