TEL AVIV, Israel, Aug. 31 /PRNewswire-FirstCall/ -- Elbit Imaging Ltd. ("EI" or the "Company") today announced its results for the second quarter of 2008.
Profit for the second quarter of 2008 amounted to NIS 56.0 million (approximately US$ 16.7 million) of which profit of NIS 15.8 million (approximately US$ 4.7 million) is attributable to the equity holders of the Company and NIS 40.3 million (approximately US$ 12.0 million) is attributable to minority interest, compared with profit of NIS 83.6 million in the corresponding period of 2007 of which NIS 57.7 million is attributable to the equity holders of the Company and NIS 25.8 million is attributable to minority interest.
Profit for the second quarter of 2008 excluding stock-base compensation expenses (Non GAAP measure) amounted to NIS 66.8 million (approximately US$ 19.9 million) compared with NIS 100.9 million in the corresponding period of 2007.
Our consolidated financial statements for the second quarter of 2008 presentation are available through our website at: www.elbitimaging.com under: "Investor Relations - Company Presentations (8/2008)."
Mr. Shimon Yitzhaki, President, commented: "Even in these restless times in the markets, specifically the real-estate markets, Elbit Imaging is pleased to report a profitable quarter. Elbit Imaging continues to implement a policy under which it does not revaluate its real estate assets. As such, Elbit Imaging's profits are recognized on a cash flow basis and from the Group's core business activities. In this quarter we completed and delivered our Plzen Shopping and Entertainment Center to Klepierre, at 100% occupancy let out and as such completed the transaction with a substantial profit. In this quarter we have opened our Hotel in Bucharest, which is the largest Hotel in the City of Bucharest. The Hotel is a high quality hotel, which following it's opening trail period will generate a steady cash flow and substantial profitability to the Company. The Company is continuing to develop its projects in Europe and in India, and continues to seek new opportunities and ventures. A week ago, we declared our cooperation with Plaza Centers so that Plaza Centers and Elbit will join forces in mixed used real-estate projects in India. Such joint forces will optimize our cash flow and access to financing sources. In addition, it will create a synergy regarding managerial, know how and experience. In May 2008, we distributed a substantial dividend of approximately NIS 170 Million, emphasizing our belief of sharing our profits with our shareholders. The Company will take advantage of its high liquidity of approximately one billion dollars in order to continue with the impetus and to explore new opportunities on its doorstep, during this period".
About Elbit Imaging Ltd.
Elbit Imaging Ltd. ("EI") is a subsidiary of Europe Israel (M.M.S.) Ltd. EI's activities are divided into the following principal fields: (i) Initiation, construction, operation, management and sale of shopping and entertainment centers in Israel, Central and Eastern Europe and India; (ii) Hotels ownership, primarily in major European cities, as well as operation, management and sale of same through its subsidiary, Elscint Ltd.; (iii) Investments in the research and development, production and marketing of magnetic resonance imaging guided focused ultrasound treatment equipment, through its subsidiary, InSightec Ltd.; and (iv) Other activities consisting of the distribution and marketing of women's fashion and accessories through our wholly-owned Israeli subsidiary, Elbit Trade & Retail Ltd., and venture- capital investments.
Any forward looking statements with respect to EI's business, financial condition and results of operations included in this release are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward looking statements, including, but not limited to, ability to find suitable locations, receipt of approvals and permits for zoning and construction, delays in construction, dependency on partners in the hotels business, competition, risks relating to operations in Eastern Europe and Asia (including India) and risks relating to our image guided treatment, economic conditions, as well as certain other risk factors which are detailed from time to time in EI's filings with the Securities and Exchange Commission including, without limitation, Annual Report on Form 20-F for the fiscal year ended December 31, 2006, filed with the Securities and Exchange Commission on July 3, 2007.
CONTACT: Shimon Yitzhaki, President, (972-3) 608-6000,
email@example.com, or Dudi Machluf, CFO, (972-3) 608-6024,
firstname.lastname@example.org, both of Elbit Imaging Ltd.; or investors, Rachel
Levine of The Global Consulting Group for Elbit Imaging Ltd.,
Web site: http://www.elbitimaging.com/