TEL AVIV, May 24 (Reuters) -
* Israeli real estate developer Azrieli Group said on Wednesday net profit fell in the first quarter after the year-earlier quarter was boosted by gains from revaluation of real estate.
* Azrieli, which built Tel Aviv’s Azrieli office and shopping complex, said it earned 241 million shekels ($67 million) in the quarter, compared with 674 million a year earlier. Its adjusted net profit, excluding one-time items such as gains from revaluation in real estate, rose 5 percent to 253 million shekels.
* Net operating income (NOI), which reflects the group’s core business, rose 6 percent to 338 million shekels in the quarter.
* During the quarter the company invested 255 million shekels in the purchase of new properties, redevelopment and construction of new properties.
* ($1 = 3.5947 shekels) (Reporting by Tova Cohen)