Azrieli Group reports 48% hike in quarterly profit, boosted in part by new mall
The Azrieli Group said Wednesday it earned an adjusted net profit of 293 million shekels ($76 million) in the fourth quarter of 2015, compared to 198 million shekels a year earlier.
Net operating income, which reflects the group’s core business, rose 10% to 323 million shekels in the October to December period, mainly due to a new mall in Israel, higher occupancy and rents in Tel Aviv area office buildings. The results do not include assets divested over the past year.
Azrieli said it would pay a quarterly dividend of 400 million shekels, or 3.3 shekels per share. The company’s shares closed at 152.80 shekels, up 2.7% for the day. (Reuters)
Clal Insurance reports 21% decline in year-on-year net profit for 2015
Clal Insurance, which is part of the IDB group, reported a net profit of 285 million shekels ($74 million) for 2015 as a whole, a 21% drop compared to 2014’s results, the company disclosed Wednesday.
The profit decline stemmed from reduced profits from the company’s own investment portfolio and smaller variable management fees from life insurance policies. But the company could derive some solace over the fact that its net profits for the last quarter of the year came in at 156 million shekels compared to just 41 million shekels for the comparable quarter in 2014.
Shares of Clal Insurance on the Tel Aviv Stock Exchange closed up Wednesday by 0.69%, at 45.46 shekels. (Assa Sasson)
Property acquisitions boost revenues at German subsidiary of Shikun & Binui
Revenues at Berlin-based ADO Group jumped by 112% to 42.8 million shekels ($11.1 million) in the fourth quarter of 2015, the real-estate company reported Wednesday. Revenue for the year climbed to 325.8 million shekels, from 162.9 million shekels in 2014.
ADO Group is controlled by the Arison Group’s Shikun & Binui and is traded on the Tel Aviv Stock Exchange. The company attributed the revenue growth to the acquisition of new properties. Last year ADO Group expanded its residential holdings, from 6,600 units at the end of 2014 to 14,856 units at the end of 2015.
Last summer it raised 700 million euros (about $780 million) in an initial public offering for its ADO Properties subsidiary, which trades on the Frankfurt Stock Exchange.
The ADO Group’s revenue from operations, a measure of profits that offsets one-time income and expenses and profits and losses from revaluations of property, sales and depreciation, grew by 16% to 131.2 million shekels. ADO shares closed 1.4 % higher on the Tel Aviv exchange yesterday, at 47.50 shekels. (Shelly Appelberg)
Share prices on the TASE decline somewhat; dollar and euro drop against the shekel
The Tel Aviv Stock Exchange ended the day moderately lower Wednesday. The benchmark TA-25 index declined by 0.16% to 1,485.90 points while the broader TA-100 index was off by 0.17%, closing at 1,277.69 points.
The insurance index bucked the general trend, gaining 0.89% to close at 1,180.90 points. Trading volume was 1.736 billion shekels ($451.8 million).
The U.S. dollar and the euro both slumped against the shekel yesterday. The Bank of Israel representative rate for the dollar was set at 3.842 shekels, a decline of 0.23%, while the euro dropped 0.67% to 4.293 shekels. The TASE will be closed today in observance of the Purim holiday. Stock and currency markets in the United States and many other countries, meanwhile, will be closed on Friday for Good Friday. (Ruti Levy)
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