Melisron Ltd. Reports Earnings Results for the Second Quarter of 2017
Melisron Ltd. reported earnings results for the second quarter of 2017. For the quarter, the company's profit jumped almost six-fold to ILS 287 million. The company's profit improved despite a 37% increase in financing expenses and taxes. The upward revaluation in the company's properties totaled ILS 286 million, almost the same as its net profit, compared with a ILS 80 downward revision in the corresponding quarter in 2016. Revenue grew 18% to ILS 380 million. The company attributed the improvement in these figures to the acquisition of Eli Lahav's 50% stake in Ofer Grand Canyon in Beer Sheva for ILS 145 million in the second half of 2016, a 23% increase in its share of Ofer Park in Petah Tikva at a cost of nearly ILS 200 million, and improvement in the results of its shopping malls. Melisron's NOI from same properties rose 3.3% to ILS 259 million in the second quarter, supporting a 12% rise in funds from operations (FFO) to ILS 343 million.