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Azrieli Q1 net profit surges 42% YOY

Tel Aviv-listed Azrieli Group's first-quarter net profit surged 42% year over year to 369 million shekels from 259 million shekels in the prior-year period.

Funds from operations totaled 339 million shekels, an increase of 27% from 266 million shekels, while net operating income rose by 8% to 399 million shekels from 371 million shekels in first quarter of 2018.

Net asset value, as defined by the European Public Real Estate Association, grew to 166 shekels per share in the three-month period from 157 shekels per share as at March 31, 2018.

During the quarter, Azrieli invested 151 million shekels in investment property, development, the construction of new properties and the upgrade of existing properties. As at March-end, the company's cash, deposits and short-term investments stood at nearly 2.36 billion shekels and net debt totaled 8.4 billion shekels.

As of May 21, US$1 was equivalent to 3.61 shekels.