Israeli conglomerate Africa Israel Investments AFIL01.TA said on Sunday its third-quarter net profit surged 82 percent as revenue nearly doubled.
The company, which is controlled by billionaire Lev Leviev, recorded quarterly net profit of 215 million shekels ($55.6 million) or 4.42 shekels per share diluted compared with 118 million shekels or 2.09 shekels per share diluted a year earlier.
Africa Israel's revenue in the quarter rose to 2.23 billion shekels from 1.23 billion shekels.
The company noted that the growth in net profit was achieved despite its warning last month that it would post a rise in financing costs because of higher inflation in the quarter. The company has a large part of its debt linked to the consumer price index.
The company has interests in real estate, energy, hotels, fashion and infrastructure. It owns 71 percent of AFI Development Plc (AFIDLq.L: Quote, Profile, Research), a Russia-focused real estate company. (Reporting by Tova Cohen; Editing by Lincoln Feast)
source: reuters.com
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