Israeli real estate group Azrieli Q1 profit jumps

Israeli real estate developer Azrieli Group reported a sharp rise in quarterly net profit, boosted by the revaluation of investment properties and a decrease in the tax rate. Azrieli, which built Tel Aviv’s Azrieli office and shopping complex, said on Wednesday it earned 672 shekels ($174.5 million) in the first quarter, compared with 188 million a year earlier. Excluding the valuation profits and the tax rate decrease, net profit totalled 244 million shekels. Net Operating Income (NOI) which reflects the company’s core business rose 7 per cent to 319 million shekels in the quarter, mainly due to a new mall in Israel, high occupancy rates and higher rents in Israeli office buildings.