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Elbit Imaging Ltd. Announces Second Quarter Results for 2011

Wed, 08/31/2011 - 12:39am
Bio-Medicine.Org

TEL AVIV, Israel, August 31, 2011 /PRNewswire/ --

Elbit Imaging Ltd. (NASDAQ: EMITF) ("Elbit") announced today its results for the second quarter of 2011.

Consolidated revenues for the three months period ended June 30, 2011 amounted to NIS 241 million (US$ 71 million) compared to NIS 573 million reported in the corresponded period in 2010.

The decrease is mainly attributable to: (i) we reported non-recurring gain from the bargain purchase of EDT in the amount of NIS 397 million in the corresponded period in 2010; (ii) revenues for our hotel business increased during Q2 2011 nevertheless, due to the sale of our UK hotels in December 2010, we reported a decrease in the hotels revenue; offset by (iii) an increase from investment property attributable to EDT which was acquired in June 2010 and which contributed an amount of NIS 85 million to our total revenue in the current period.

Revenues from commercial centers in Q2 2011 and Q2 2010 amounted to NIS 27 million (US$ 8 million).

Cost of commercial centers in Q2 2011 amounted to NIS 35 million (US$ 10 million) compared to NIS 37 million reported in the corresponded period in 2010.

Gain from fair value adjustment of investment property in Q2 2011 amounted to NIS 25 million (US$ 7 million) compared to nil in the corresponded period in 2010. The gain is attributable to the revaluation of EDT's retail properties.

Revenues from investment property rental income in Q2 2011 amounted to NIS 60 million (US$ 18 million) compared to nil in the corresponded period in 2010. These revenues are attributable to EDT's retail properties.

Cost of Investment property in Q2 2011 amounted to NIS 25 million (US$ 7 million) compared to nil in the corresponded period in 2010.

Revenues from hotels operations and management in Q2 2011 am

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