JERUSALEM Nov 28 Israeli real estate developer
Africa Israel Investments swung to a net profit in
the third quarter after its Russian subsidiary recovered from
losses and business grew in Israel and Europe.
Africa Israel said on Thursday it earned 43 million shekels
($12.2 million) in the quarter, compared with a loss of 181
million a year earlier when Russian unit AFI Development
made a loss due to an appreciation in the rouble
versus the dollar.
AFI posted quarterly profit of $40.2 million versus a loss
of $35.7 million in the third quarter of 2012, boosted by a 29
percent gain in rental income.
Africa Israel Properties made a profit of 104.3 million
shekels, compared to a small loss a year earlier, as the value
of its investments grew and it completed or improved the
performance of projects in Israel and Europe, it said.
Overall rental income grew 6 percent to 148 million shekels.
Africa Israel also has interests in energy, hotels and
The company, controlled by billionaire diamond dealer Lev
Leviev, was hit hard by the real estate meltdown in the United
States, Russia and eastern Europe. It defaulted on a series of
bonds and in 2010 restructured some $2 billion of its debt.