source26
August 24th, 2005, 11:22 AM
second part of project now starting: commercial arcade of 300,000 sqf
and second hotel and more housing for rich overseas investors..
Alrov chairman and CEO Alfred Akirov: We have now obtained the permits for continuing construction of the Mamilla commercial project in Jerusalem.
Yuval Mendelson 22 Aug 05 14:21
Alrov Properties and Lodgings Ltd. (TASE: ALRO) published its financial reports for the second quarter of 2005 today. Revenue rose 49% to NIS 141.8 million from NIS 95.5 million for the corresponding quarter of 2004. Alrov attributed the increase in revenue to recovery of Israel’s tourism industry, which has boosted room occupancy at the David Citadel Hotel in Jerusalem, and led to higher room rates. The company also cited further recognition of revenue from the sale of apartments in the C Tower of its Alrov Towers project in Tel Aviv.
Alrov posted a net profit of NIS 20.2 million for the second quarter, 37.1% higher than for the corresponding quarter of last year.
Alrov’s cash flow from current activities was NIS 33 million for the second quarter, compared with NIS 10.1 million for the corresponding quarter of last year. The company said most of the improvement in cash flow was due to the higher cash flow from operations at the David Citadel Hotel, expanded overseas activities, and a drop in the interest rate on loans.
Upon publication of the financial report, Alrov chairman and CEO Alfred Akirov said, “We are satisfactorily concluding a period of growth in activities, accompanied by high profits. The David Citadel Hotel continues to generate a significant and growing operating surplus, while sales in TreeTop Towers are in line with expectations.
“During the last month of the quarter, we completed the purchase of two more commercial centers in Switzerland, the results of which will be reflected in full in the third quarter of the year. We have now obtained the permits for continuing construction of the Mamilla commercial project in Jerusalem, which is expected to begin generating additional cash flow for the company from the sale of apartments and renting of space.
“We continue to view overseas income-producing real estate as the company’s future growth engine. We intend to reach NIS 2 billion in assets in the coming year, and we’ll continue to make attractive deals that will generate a high return. We’re now negotiating to buy more properties in Switzerland worth NIS 550 million.”
Published by Globes [online], Israel business news - www.globes.co.il - on August 22, 2005
and second hotel and more housing for rich overseas investors..
Alrov chairman and CEO Alfred Akirov: We have now obtained the permits for continuing construction of the Mamilla commercial project in Jerusalem.
Yuval Mendelson 22 Aug 05 14:21
Alrov Properties and Lodgings Ltd. (TASE: ALRO) published its financial reports for the second quarter of 2005 today. Revenue rose 49% to NIS 141.8 million from NIS 95.5 million for the corresponding quarter of 2004. Alrov attributed the increase in revenue to recovery of Israel’s tourism industry, which has boosted room occupancy at the David Citadel Hotel in Jerusalem, and led to higher room rates. The company also cited further recognition of revenue from the sale of apartments in the C Tower of its Alrov Towers project in Tel Aviv.
Alrov posted a net profit of NIS 20.2 million for the second quarter, 37.1% higher than for the corresponding quarter of last year.
Alrov’s cash flow from current activities was NIS 33 million for the second quarter, compared with NIS 10.1 million for the corresponding quarter of last year. The company said most of the improvement in cash flow was due to the higher cash flow from operations at the David Citadel Hotel, expanded overseas activities, and a drop in the interest rate on loans.
Upon publication of the financial report, Alrov chairman and CEO Alfred Akirov said, “We are satisfactorily concluding a period of growth in activities, accompanied by high profits. The David Citadel Hotel continues to generate a significant and growing operating surplus, while sales in TreeTop Towers are in line with expectations.
“During the last month of the quarter, we completed the purchase of two more commercial centers in Switzerland, the results of which will be reflected in full in the third quarter of the year. We have now obtained the permits for continuing construction of the Mamilla commercial project in Jerusalem, which is expected to begin generating additional cash flow for the company from the sale of apartments and renting of space.
“We continue to view overseas income-producing real estate as the company’s future growth engine. We intend to reach NIS 2 billion in assets in the coming year, and we’ll continue to make attractive deals that will generate a high return. We’re now negotiating to buy more properties in Switzerland worth NIS 550 million.”
Published by Globes [online], Israel business news - www.globes.co.il - on August 22, 2005