Gazit-Globe Ltd. (TASE: GLOB) today published its consolidated financial report for the fourth quarter of 2007 and for the year as a whole. These are the first results on the basis of fair value valuations in accordance with International Financial Reporting Standards (IFRS). The company's rental revenue rose 18% in 2007 to NIS 3.6 billion. Most of the increase was due to net new purchases of properties during the year. The company will distribute a dividend of at least NIS 1.20 per share.
Gazit-Globe's net operating income rose 20% to NIS 2.4 billion in 2007 from NIS 2 billion in 2006. Funds from operations (FFO) rose 34% to NIS 305 million (NIS 2.57 per share) in 2007 from NIS 229 million in 2006. Net profit totaled NIS 2.27 billion in 2007, 18% less than the NIS 2.77 billion in 2006. The company attributes the erosion to higher property revaluations in 2006. The net profit accruing to Gazit-Globe after deducing accruals to minority shareholders was NIS 983 million (NIS 8.32 per share), a total amount that was unchanged on a year earlier.
The company posted NIS 961 million revenue from rent and NIS 108 million from the sale of properties in the fourth quarter. NOI totaled NIS 636 million, net profit was NIS 208 million and net profit to Gazit-Globe shareholders was NIS 76 million.
Gazit-Globe owns 465 properties altogether through its subsidiaries with a total area of 4.7 million square meters, and which are booked at a value of NIS 44.4 billion. The gross annual rent from those properties totals NIS 3.8 billion. The company's investments increased to NIS 7.3 billion in 2007 from NIS 5.2 billion in 2006. The company also raised NIS 1.4 billion in share capital during 2007, the same amount as a year earlier. The company has 23 properties under development and 27 properties under redevelopment at the end of the year, at a total estimated cost of NIS 3.7 billion.
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