Bloomberg News

Israel’s Gazit-Globe Posts Second-Quarter Net Loss

August 23, 2009

Gazit Globe Ltd. (GLOB), an Israeli developer of commercial real estate that controls 650 shopping malls worldwide, posted a second-quarter net loss of 94 million shekels due to a drop in real estate valuations.

Gazit posted a net profit of 25 million shekels in the same period last year, the company said in a statement to the Tel Aviv Stock Exchange.

The figures do not reflect the company’s strong operating results during the quarter, Acting Chief Executive Officer Roni Soffer said in an e-mailed statement to reporters. Revenue rose to 1.03 billion shekels compared with 877 million shekels last year, Soffer said.

“A portion of Gazit-Globes’ investments in the past 12 months, done to exploit the rare investment opportunities in public and private companies against the backdrop of the global financial crisis, also contributed to an improvement in results,” Soffer said.

Gazit will pay a dividend of 0.36 shekels on Oct. 1, the company said.

The shares rose 3.9 percent to 30.86 shekels at 12:27 p.m. in Tel Aviv.

To contact the reporter on this story: Calev Ben-David in Jerusalem at cbendavid@bloomberg.net.

To contact the editor responsible for this story: Peter Hirschberg at phirschberg@bloomberg.net.


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