22 May 2013

AFI Development doubles profit

  • Globes

AFI Development plc (LSE:AFID), the Russian development arm of Africa-Israel Investments Ltd. (TASE:AFIL), today announced $33.4 million revenue for the first quarter of 2013, 3% more than for the corresponding quarter of 2012.

The AFIMall City in Moscow contributed $23.2 million revenue. Net profit doubled to $15.6 million for the first quarter.

The gross value of AFI Development's properties rose 19% to $2.48 billion at the end of March from $2.08 billion at the end of 2012.

The occupancy rate of the AFIMall City rose to 81%, and the rate of return was 4.9%. The mall was not revalued in the first quarter, and remains valued at $1.16 billion.

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