August 23, 2009 / 8:48 AM / 9 years ago

Israel's Gazit-Globe swings to Q2 net loss

JERUSALEM, Aug 23 (Reuters) - Israeli real estate investment company Gazit-Globe Ltd GLOB.TA said on Sunday it moved to a quarterly net loss due to a drop in the value of its properties.

Gazit-Globe posted a second-quarter net loss of 94 million shekels ($25 million), or 0.75 shekel per diluted share, compared with net profit of 25 million shekels, or 0.2 shekel a share, a year earlier.

Revenue edged higher to 1.16 billion shekels from 1.07 billion. Income from rent rose 17 percent to 1.03 billion shekels, partly due to the inclusion of DIM Vastgoed NV, a Dutch investment company that owns 21 shopping centres in the United States and in which Gazit-Globe’s Equity One EQY.N unit acquired a controlling share in January.

Gazit-Globe operates in the United States through Equity One Inc, in which it owns 40 percent, and in Canada through 54 percent-owned First Capital Reality Inc (FCR.TO). It is also the largest shareholder in Finland’s Citycon (CTY1S.HE) and last year it took over Atrium European Real Estate (ATRS.VI).

    $1=3.82 shekels Reporting by Steven Scheer; Editing by Jerry Norton

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