Elbit Imaging Ltd. Announces Second Quarter Results for 2012
TEL AVIV, Israel, August 30, 2012 /PRNewswire/ --
Elbit Imaging Ltd. (TASE,NASDAQ: EMITF ) ("Elbit" or the "Company") announced today its results for the second quarter of 2012.
Three months ended June 30,2012 compared to corresponding period in 2011
Consolidated revenues for the three months period ended June 30, 2012 amounted to NIS 231 million (US$ 59 million) compared to NIS 241 million in the corresponding period in 2012.
The revenues are affected by: (i) an increase in revenues from commercial centers, mainly attributable to the opening of additional three centers and the sale of office space in India by our subsidiary, Plaza Centers; (ii) an increase in revenues from sale of medical systems by InSightec; and (iii) gain from sale of the retail activity of GAP in April 2012, offset by: (i) a decrease in revenues from hotels, attributable to the sale of the Company's share in four Dutch hotels in March 2012; (ii) a decrease in revenues from the retail activity, attributable to the sale of GAP in April 2012; (iii) a decrease in gain from fair value adjustment of investment property in the US which was reported in the corresponding period in 2011. These assets were sold in June 2012.
- Revenues from commercial centers increased in Q2 2012 to NIS 59 million (US$ 15 million) compared to NIS 27 million in Q2 2011. The increase is mainly attributable to the operation of seven commercial centers in Q2 2012 compared to the operation of four commercial centers in Q2 2011 and to the sale of office space in India for the first time.
- Cost of commercial centers increased in Q2 2012 to NIS 49 million (US$ 12.5 million) compared to NIS 35 million in Q2 2011. The increase is attributable mainly to the increase in the revenues of three commercial centers and to the sale of office space in Indi