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Financials

Israel real estate developer Gazit-Globe Q4 profit falls

JERUSALEM, March 18 (Reuters) -

* Gazit-Globe, Israel’s largest real-estate company, posted a drop in quarterly net profit, after the year earlier quarter was boosted by the sale of assets.

* The company said on Monday it earned 160 million shekels ($44.5 million) in the fourth quarter compared with 583 million a year earlier.

* In the fourth quarter of 2017, it recorded a gain of 1.2 billion shekels on the sale of investment properties for investment.

* Economic funds from operations (FFO), a measure of cash generated, rose 9.3 percent to 177 million shekels.

* Net operating income (NOI) rose 5.2 percent to 508 million shekels.

* Property rental income rose 1.1. percent to 734 million shekels.

* Gazit declared a dividend of 75.7 million shekels, or 0.405 shekels per share.

* It said it would also buy back up to 10 million of its own shares, or 5.3 percent, at 29 shekels a share for a total of as much as 290 million shekels.

* Gazit this month delisted its shares from the New York Stock Exchange.

* ($1 = 3.5966 shekels) (Reporting by Steven Scheer; Editing by Tova Cohen)

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