IDB Holding Corp. Ltd. (TASE:IDBH) unit Property and Building Ltd. (TASE: PTBL) today published its financial report for the first quarter of 2009. The company reported increased revenue but a lower net profit. It attributed the higher revenue to an increase in income-producing properties and higher rent.
Revenue rose 7%, compared with the corresponding quarter of 2008, to NIS 130 million for the first quarter. Net profit, however, fell 35%, compared with the corresponding quarter, to NIS 51.3 million for the first quarter.
The company's shareholders' equity was NIS 3.2 billion at the end of March, 27% of its balance sheet total, and it had NIS 2.2 billion in liquid assets. Cash flow from operations was NIS 109.4 million for the first quarter.
Subsidiary Bayside Land Corp. Ltd.(Gav Yam) (TASE: BYSD1) reported higher profits, but lower revenue for the first quarter compared with the corresponding quarter.
Property and Building chairman Rafael Bisker said, "The company carefully and responsibly weighed market opportunities created by the crisis in order to carry out transactions that will ensure growth in the coming years."
Property and Building CEO Sagi Eitan added, "The company's financial soundness and its cash surplus enables it to consider new business opportunities in Israel and overseas."
Property and Building's share rose 2.4% today to NIS 236.80. The share has doubled since the beginning of the year.
Published by Globes [online], Israel business news - www.globes-online.com - on May 24, 2009
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