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Israeli real estate developer Gazit-Globe Q2 profit gains
August 22, 2017 / 11:28 AM / a month ago

Israeli real estate developer Gazit-Globe Q2 profit gains

JERUSALEM, Aug 22 (Reuters) -

* Gazit-Globe, Israel’s largest real-estate company, reported higher net profit in the second quarter due to the depreciation of a number of currencies versus the shekel.

* Net profit rose to 371 million shekels ($102.5 million) from 97 million a year earlier.

* Property rental income slipped 3.8 percent to 689 million shekels, while net operating income (NOI) adjusted for exchange rates grew 4.7 percent to 490 million shekels.

* Economic FFO (funds from operation) adjusted for exchange rates gained 43 percent to 175 million shekels.

* Gazit-Globe raised its outlook for economic FFO to 635-649 million shekels in 2017 from 606-626 million, or to 3.25-3.32 shekels per share from 3.10-3.20 shekels a share.

* The company said it would pay a quarterly dividend of 0.35 shekel per share, unchanged from the first quarter. ($1 = 3.6210 shekels) (Reporting by Steven Scheer, editing by Louise Heavens)

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