May 26, 2009 / 9:32 AM / in 8 years

Gazit-Globe Q1 net profit, rental income rise

JERUSALEM, May 26 (Reuters) - Israeli real estate investment company Gazit-Globe Ltd GLOB.TA reported an 18 percent rise in first-quarter profit on Tuesday, helped by higher rental income.

Net profit rose to 267 million shekels ($67 million), or 2.13 shekels per diluted share, from 226 million shekels, or 1.79 shekels a share, a year earlier.

The rise in quarterly profit followed a net loss of 865 million shekels in the fourth quarter, due to a drop in property valuations.

Gazit-Globe said rental income rose 9 percent in the first three months of 2009 to 662 million shekels.

The results were helped by including those of DIM Vastgoed NV, a Dutch investment company that owns 21 shopping centers in the U.S and in which Gazit-Globe’s Equity One EQY.N unit acquired a controlling share in January.

“We are satisfied that despite the global recession, Gazit-Globe continued to keep impressive stability in its core operations,” Michael Bar Haim, its chief executive, said in a statement.

He noted that Gazit-Globe was continuing to study all business opportunities.

The company said it would distribute a dividend of 0.36 shekel a share -- or a total of 45.1 million shekels -- on July 6 as part of its plan for an annual payout of 1.44 shekels.

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 ATRV.VI. ($1 = 3.98 shekels) (Reporting by Steven Scheer; Editing by Jon Loades-Carter)

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