August 28, 2014 / 12:10 PM / 3 years ago

Property group Africa Israel Q2 loss widens, rental income up

TEL AVIV, Aug 28 (Reuters) - Israeli real estate developer Africa Israel Investments posted a slightly wider loss in the second quarter due to the impact of the rouble-dollar exchange rate, which hurt the valuation of its real estate in Russia.

The company said on Thursday it had a net loss of 54 million shekels ($15 million) in the quarter, compared with a loss of 48 million a year earlier. Revenue fell to 1.56 billion shekels from 1.87 billion.

The company, controlled by billionaire diamond dealer Lev Leviev, said income from rent and operation of properties rose 19 percent to 172 million shekels mainly due to improved results at its mall in Russia and the opening of a mall in Romania.

Africa Israel is the parent company of Russian real estate developer AFI Development.

Africa Israel also has interests in energy, hotels and infrastructure. In May the company raised 306 million shekels in a rights offering.

$1 = 3.56 Shekels Reporting by Tova Cohen, Editing by Ari Rabinovitch

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