* Net profit 260 mln shekels vs 14 mln shekel loss
* Rental income up 11 pct to 1.41 bln shekels
* To pay dividend of 0.4 shekel per share
TEL AVIV, May 23 Israel's largest real estate
investment company Gazit-Globe swung to a profit in
the first quarter on higher rental income and a gain in the
value of investment property.
Gazit-Globe said on Wednesday it made a net profit of 260
million shekels ($67.4 million), compared with a net loss of 14
million a year earlier.
Property rental income rose 11 percent in the first three
months of 2012 to 1.41 billion shekels.
Net operating income rose 13 percent to 935 million shekels.
"During the quarter we saw continued strong contribution
from our investments made over the past 18 months," Chief
Executive Roni Soffer said in a statement. "We have taken
advantage of opportunities both in the private and public real
estate markets while carefully exploring investment
opportunities and continuing to maintain a conservative and
strong balance sheet."
During the quarter the group bought five income-producing
properties and adjacent land parcels for development for a total
of 721 million shekels.
The company said it would pay a dividend of 0.4 shekel a
share - up from 0.39 a year earlier - on July 3 as part of its
plan for an annual payout of 1.6 shekels per share.
Gazit-Globe operates in the United States through Equity One
and in Canada through First Capital Reality Inc
. It is also the largest shareholder in Finland's
Citycon and together with Citigroup controls
shopping mall developer Atrium European Real Estate.