November 20, 2019 / 8:13 AM / 20 days ago

Israel's Azrieli Group Q3 profit rises 9%

JERUSALEM, Nov 20 (Reuters) -

* Israeli real estate developer Azrieli Group reported on Wednesday a 9% rise in quarterly net profit to 289 million shekels ($83 million).

* Azrieli, which built Tel Aviv’s Azrieli office and shopping complex, said net operating income rose 5% to 407 million shekels.

* Funds from operations rose 11% to 311 million shekels.

* Azrieli last month sold Granite Hacarmel Investments, which owns cooking gas distributor Supergas, to holding company Elco Ltd for 1.02 billion shekels.

* It will book a profit of 380 million shekels in the fourth quarter from the sale.

* “This transaction is another step in realizing our strategy of focusing on our core income-producing real estate business,” said Azrieli CEO Eyal Henkin.

* ($1 = 3.4641 shekels) (Reporting by Steven Scheer; Editing by Tova Cohen)

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