British-Israel Investments Ltd. (TASE: BRTS), controlled by Leo Noe, today published its financial report for the fourth quarter of 2007 and for the year as a whole. The shopping center owner had a record year in revenue, cash flow, and net profit after a busy year of acquisitions. The company will distribute a dividend of NIS 12 million.
British Israel posted a net profit of NIS 291.7 million on NIS 889.1 million revenue in 2007, compared with a net profit NIS 247.2 million on NIS 556.3 million revenue in 2006. Net operating income (NOI) rose 64% to NIS 305 million in 2007 from NIS 186 million the year before. Financing expenses also rose 77% to NIS 310 million from NIS 174.8 million.
During the year, British Israel bought half of the Hadar Mall in Jerusalem for $31 million, the Rehovot Mall for NIS 410 million, the Hasharon Mall in Netanya for NIS 344 million, and other properties for an aggregate NIS 1.8 billion. The company also bought the Crystal House in Ramat Gan for NIS 155 million, and sold it five months later for NIS $199 million. The balance of income-producing properties rose to NIS 5.4 billion at the end of 2007 from NIS 3 billion a year earlier.
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