TEL AVIV, March 30 (Reuters) - Israeli real estate developer Africa Israel Investments on Monday reported a steep quarterly loss due to a sharp decline in the value of its properties.
Africa Israel, 75 percent-owned by billionaire Lev Leviev, posted a fourth-quarter net loss of 2.69 billion shekels ($637 million), compared with a profit of 278 million shekels a year earlier.
The company earlier this month had warned it would record a loss of about 2.7 billion shekels due to the decline in value of some of its properties, including the New York Times building in Manhattan, which it bought in 2007.
'The fourth quarter and full year results were substantially impacted by the global economic crisis and the uncertainty in financial markets,' Izzy Cohen, Africa Israel's chief executive, said in a statement.
($1 = 4.22 shekels)
(Reporting by Joseph Nasr, Writing by Steven Scheer; editing by Simon Jessop) Keywords: AFRICAISRAEL/ (steven.scheer@reuters.com; +972 2 632 2210; Reuters Messaging: steven.scheer.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Africa Israel, 75 percent-owned by billionaire Lev Leviev, posted a fourth-quarter net loss of 2.69 billion shekels ($637 million), compared with a profit of 278 million shekels a year earlier.
The company earlier this month had warned it would record a loss of about 2.7 billion shekels due to the decline in value of some of its properties, including the New York Times building in Manhattan, which it bought in 2007.
'The fourth quarter and full year results were substantially impacted by the global economic crisis and the uncertainty in financial markets,' Izzy Cohen, Africa Israel's chief executive, said in a statement.
($1 = 4.22 shekels)
(Reporting by Joseph Nasr, Writing by Steven Scheer; editing by Simon Jessop) Keywords: AFRICAISRAEL/ (steven.scheer@reuters.com; +972 2 632 2210; Reuters Messaging: steven.scheer.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
