- Press Announcement -
Jerusalem Economy Reports its Results for Q3 2011
Net shareholder profit totaled NIS 124 million.
Gross profit from income-producing properties (NOI) totaled NIS 328 million, versus NIS 253 million for the same period last year.
Total shareholder profit totaled NIS 57 million versus total profit of NIS 131 million for the same period last year.
Oded Shamir, CEO of Jerusalem Economy: “The Company has completed another quarter that expresses stability and strength through the firm's excellent operational results – and this on a backdrop of a challenging period in the local and international markets in which the Company operates.”
Jerusalem Economy of the Fishman Group
Reports its Financial Results for the First Nine Months of 2011:
Net shareholder profit totaled NIS 476 million, versus NIS 188 million during the same period last year.
Total shareholder profit totaled NIS 497 million versus total profit of NIS 159 million in the same period last year.
Operating profit totaled NIS 1.26 billion during the reporting period, versus operating profit of NIS 748 million in the same period last year.
Gross profit from income producing properties (NOI), including revenues from rentals, and management and maintenance, with deductions for costs of building management and maintenance, totaled NIS 966 million, versus NIS 743 million in the same period last year – an increase of roughly 30%. The growth stems from the first-time consolidation with Darban, as well as a rise in rents.
Company revenues from rent during the reporting period totaled NIS 1.16 billion, versus NIS 891 million during the same period last year. Rental revenues in Israel totaled NIS 435 million, versus NIS 328 million in the same period last year, a rise of 33%, Revenue from rent abroad totaled NIS 725 million, an increase of 29% of the NIS 562 million in the parallel period last year.
As of September 30, 2011, the company holds (including the share of holders of rights that do not grant control in consolidated companies) rental properties of 4.3 million sq. m., of which 2.3 million sq. m. are abroad. Company properties as of September 30, 2011 are rented to 8,971 tenants, versus 7,917 as of December 31, 2010. The net growth in number of tenants stems from the purchase of Darban (1,618 tenants), offset by roughly 700 tenants lost due to the sale of a residential property(“Kipling”) in Canada by Industrial Buildings. Average occupancy rate in company properties for the last nine months is 88.31%.
Company capital totaled NIS 3,845 million, versus NIS 3,079 million as of December 31, 2010.
Company shareholder capital as of September 30, 2011 totaled NIS 2,971 million, versus NIS 2,065 million NIS as of December 31, 2010.
As you may know, Midroog announced the certification of an ilA- stable rating for the Company bond series in circulation.
Oded Shamir, CEO of Jerusalem Economy: “The Company has completed another quarter that expresses stability and strength through the firm's excellent operational results. This is on a backdrop of a challenging period in the local and international markets in which the company operates. The geographical distribution and quantity of our diverse tenants point to a continued development of our core activities and future growth engines.”
About – Jerusalem Economy operates, on its own and through consolidated companies, in various areas of real estate, including rental of income-producing properties for commercial, industrial, manufacturing, high-tech, office, and logistical use, as well as for residential and hoteliery; acquisition and development of land, construction of buildings mainly for rental throughout Israel and many other countries: the US, Canada, Germany, France, Holland, Poland, Switzerland, Portugal, Ukraine, Russia, Belarus, Lithuania, Serbia, India, and Thailand. This geographical distribution, and number and variety of tenants, provide a valuable advantage that enhances the development and resilience of the Company.