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Israeli's Azrieli Q3 profit slips on drop in property values
November 22, 2017 / 9:13 AM / in 21 days

Israeli's Azrieli Q3 profit slips on drop in property values

JERUSALEM, Nov 22 (Reuters) -

* Israeli real estate developer Azrieli Group said on Wednesday net profit dipped in the third quarter due to a decline in the value of investment properties.

* Azrieli, which built Tel Aviv’s Azrieli office and shopping complex, said it earned 263 million shekels ($75 million) in the quarter, compared with 279 million a year earlier.

* The net loss from fair value adjustment of investment property and property under investment was 31.6 million shekels versus a net gain of 127.3 million a year earlier.

* Net operating income (NOI), which reflects the group’s core business, rose 6 percent to 349 million shekels in the quarter.

* During the quarter the company invested 178 million shekels in the purchase of new properties, redevelopment and construction of new properties.

* ($1 = 3.5233 shekels) (Reporting by Steven Scheer)

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