Shari Arison's real estate arm has recorded NIS 2 billion revenue.
Arison Holdings Ltd. real estate arm Housing and Construction Holding Co. Ltd. (Shikun u'Binui) (TASE: HUCN) published its financial report yesterday, as investors continued to await an announcement about the date for the flotation of its subsidiary Shikun Ovdim Ltd. Housing and Construction said that the IPO would be put back by at least one quarter in view of the current situation on the capital market. It also said that should Shikun Ovdim reverse its decision from July to distribute a NIS 600 million dividend, it would "have no complaints against Shikun Ovdim."
Housing and Construction, which is managed by Uri Shani, posted NIS 2.06 billion for the first half of 2007, unchanged from the first half of 2006. Revenue for the second quarter totaled NIS 1.02 billion, 10% less than in the corresponding quarter in 2006. The key revenue source came from the company's road works and infrastructure construction business, which totaled NIS 515 million, up 33% over the corresponding quarter in 2006.
Published by Globes [online], Israel business news - www.globes.co.il - on August 30, 2007
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