REUTERS - Israeli real estate developer Africa Israel Investments posted on Tuesday a wider loss in the fourth quarter due to a valuation loss on investment properties at its AFI Development unit.
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Africa Israel had a net loss in the quarter of 1.58 billion shekels ($412.5 million) versus a loss of 836 million shekels a year earlier.
AFI, a Russia-focused real estate and investment firm that is 65 percent held by Africa Israel, posted a decline in the value of its assets of 1.96 billion shekels in the quarter due to the weak Russian economy and currency. It had a loss of $490 million in the quarter.
Africa Israel said it plans sell some assets in order to generate positive cash flow to help it pay off its debts. ($1 = 3.8300 shekels)