The company posted NIS 70.1 million in revenue, up 4.1% over the corresponding quarter in 2006.
Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY.PK) subsidiary Africa Israel Hotels Ltd. (TASE: AFHO) published its financial report for the first quarter of 2007 today. The company posted NIS 70.1 million in revenue for the first quarter, up 4.1% over the corresponding quarter in 2006. Net loss totaled NIS 7.7 million, down 14.9% over the corresponding quarter.
Africa-Israel Hotels attributed its results to the halt in the improvement in the hotel and tourism sector as a whole following the Second Lebanon war. Occupancy rate at hotels fell to 57.1% from 61.9% in the corresponding quarter.
Africa Israel Hotels said that the Holiday Inn Express Hotel in Eilat will be renamed "Express Bite" starting from next month. In September, the company's "Crown Plaza" hotel in Haifa will also be rebranded.
Africa-Israel Hotels also announced that it had signed a memorandum of understanding with an overseas company for the acquisition of a three-star hotel in Cologne, Germany, for €3.66 million. The hotel is due to open in the third quarter.
Published by Globes [online], Israel business news - www.globes.co.il - on May 20, 2007
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