Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) reported its consolidated fourth quarter and full year results for 2008. The conglomerate lost NIS 4.94 billion for the full year, compare with a net profit of NIS 5.18 billion in 2007.
Full-year revenue fell 45% to NIS 6 billion. The company posted a loss of NIS 2.99 billion on real estate activity in 2008, compared with a profit of NIS 1.38 billion on this item in 2007.
In the fourth quarter, Africa-Israel lost NIS 2.93 billion, in line with the warning that it issued about three weeks ago, compared with a net profit of NIS 444 million for the corresponding quarter of 2007. In that profit warning, the company attributed $380 million of the loss to an accounting write-down on the value of the old New York Times Building, after a recent valuation of the building that put its value at $315 million.
Africa-Israel chairman Lev Leviev said at the press conference to present the report, "There are years that are better, and there are years that are less good, but that's the business. Izzy Cohen is CEO at an especially difficult time, and he, together with the rest of management, is leading the company, and I think that together the whole future is ahead of us."
Africa-Israel's share fell 1.4% today to NIS 35.20.
Published by Globes [online], Israel business news - www.globes-online.com - on March 30, 2009
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