TEL AVIV, Nov 30 (Reuters) - Israeli real estate investment company
Gazit-Globe Ltd reported a third-quarter net loss on Sunday as it wrote-down the
value of investment properties.
Its net loss for the three months was 461 million shekels ($117.6
million), or 3.68 shekels per share diluted, compared with a profit of 72
million shekels, or 0.56 shekel a share, in the same period last year.
Rental income fell 8 percent to 866 million shekels in the quarter.
Excluding foreign currency depreciation, rental income increased 6 percent.
Gazit-Globe had said two weeks ago it would write down 590 million
shekels in the value of its properties in the third quarter.
It had said it would write down 340 million shekels for its share in the
decline in the fair value of investment properties among its subsidiaries and
250 million shekels for adjustments in the value of rights and commitments for
investments in shares of Atrium European Real Estate.
In August, Gazit-Globe and Citigroup unit CPI agreed to jointly invest at
least 800 million euros in troubled European developer Atrium, formerly known as
Meinl European Land.
Gazit-Globe is the largest shareholder in Finland's Citycon .
It operates in the United States through Equity One Inc , of which it
owns 40 percent, and in Canada through First Capital Reality Inc, of which it
owns 54 percent.
($1 = 3.92 shekels)
(Reporting by Tova Cohen) Keywords: GAZITGLOBE RESULTS/
(telaviv.newsroom@reuters.com; +972-9-899-0222; Reuters Messaging:
tova.cohen.reuters.com@reuters.net)
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