01 June 2015

Africa-Israel up strongly on Q1 results

Africa-Israel switched to a NIS 9 million profit in the first quarter.

Africa-Israel Investments Ltd. (TASE:AFIL), controlled by Lev Leviev, switched to a profit attributable to shareholders of NIS 9 million in the first quarter of 2015, compared with a loss of NIS 0.5 million in the corresponding quarter of 2014. The company reported its quarterly results yesterday evening. On the Tel Aviv Stock Exchange this morning, Africa-Israel's share price is up 6.37%.

The AFI Development unit, which is the vehicle for Africa-Israel's activity in Russia, posted a profit of $6 million in the first quarter. Africa Israel CEO Avraham Novogrocki said, "In light of a certain degree of stabilization of the economic Russian economic situation, in the coming year we will continue operating with cautious optimism in this sector and examine our next steps depending on events."

The group's construction and infrastructure unit Danya Cebus posted a 19% rise in its quarterly net profit of 34%, to 19 million. Israeli real estate arm Africa Israel Residences posted a profit of NIS 12 million in the quarter, 35% higher than in the corresponding quarter.

Africa-Israel Industries, on the other hand, posted a loss of NIS 35 million in the first quarter, mainly in Negev Ceramics.

Africa-Israel had net cash flow of NIS 132 million in the first quarter, and cash and cash equivalents at the end of the quarter of NIS 466 million.

Published by Globes [online], Israel business news - www.globes-online.com - on June 1, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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