TEL AVIV, May 16 (Reuters) -
* Israeli real estate developer Azrieli Group reported on Wednesday first-quarter net profit of 259 million shekels ($72 million), up from 240 million a year earlier.
* Azrieli, which built Tel Aviv’s Azrieli office and shopping complex, said net operating income (NOI), which reflects the group’s core business, rose 10 percent to 371 million.
* During the quarter the company invested 332 million shekels in the development and upgrading of its properties.
* Occupancy rates at its shopping malls stood at 98 percent. ($1 = 3.5946 shekels) (Reporting by Tova Cohen, Editing by Ari Rabinovitch)