August 19, 2015 / 8:14 AM / 3 years ago

Israeli real estate developer Gazit-Globe Q2 profit slips

JERUSALEM, Aug 19 (Reuters) - Gazit-Globe, Israel’s largest real estate investment company, reported slightly lower second-quarter profit as currency effects offset higher rental income.

Gazit-Globe said on Wednesday that funds from operation (FFO) were 162 million shekels ($42 million) in the April-June period, versus 163 million in the same period in 2014. It noted that a weaker euro and Brazilian real harmed its profit.

Rental income grew 23 percent to 1.51 billion shekels, while net operating income rose 25 percent, helped by the consolidation of its Atrium European Real Estate subsidiary.

Gazit-Globe said it would pay a dividend of 0.46 shekel a share for the second quarter.

Gazit-Globe operates in the United States through Equity One and in Canada through First Capital Reality Inc . It is the largest shareholder in Finland’s Citycon , controls shopping mall developer and is expanding in Brazil.

$1 = 3.8592 shekels Reporting by Steven Scheer

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