March 25, 2020 / 7:35 AM / 3 days ago

Israel's Azrieli Group Q4 profit jumps

TEL AVIV, March 25 (Reuters) -

* Israeli real estate developer Azrieli Group reported on Wednesday a rise in fourth-quarter net profit to 1.1 billion shekels ($306 million) from 459 million a year earlier.

* Azrieli in November sold Granite Hacarmel Investments, which owns cooking gas distributor Supergas, to holding company Elco Ltd for 1.02 billion shekels.

* It booked a profit of 373 million shekels from the sale.

* Azrieli, which built Tel Aviv’s Azrieli office and shopping complex, said net operating income rose to 408 million shekels from 388 million.

* The change in the value of investment properties jumped to 559 million shekels from 196 million.

* Revenue from rent, maintenance, management fees and sales gained to 560 million shekels from 546 million.

* Funds from operations dipped to 414 million shekels from 443 million.

* ($1 = 3.5926 shekels) (Reporting by Steven Scheer; Editing by Tova Cohen)

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