November 20, 2018 / 9:53 AM / 23 days ago

Israel real estate developer Gazit-Globe ekes out Q3 profit

TEL AVIV, Nov 20 (Reuters) -

* Gazit-Globe , Israel’s largest real-estate company, swung to a small quarterly net profit on Tuesday, boosted by the disposition of investment property.

* The company said it earned 1 million shekels ($269,230) in the third quarter compared with a 185 million shekel loss a year earlier.

* Economic funds from operations (FFO), a measure of cash generated, fell 7 percent to 173 million shekels.

* Gazit tweaked its 2018 estimate for economic FFO to 690-699 million shekels from 689-700 million. This compares with 698 million shekels in 2017.

* In January, the company announced that the quarterly dividend for 2018 would be 0.38 shekel per share.

* ($1 = 3.7143 shekels) (Reporting by Tova Cohen)

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