March 29, 2009 / 8:33 AM / 9 years ago

Gazit-Globe posts Q4 loss as property values dive

JERUSALEM, March 29 (Reuters) - Israeli real estate investment firm Gazit-Globe Ltd GLOB.TA on Sunday reported a steep quarterly loss due to a drop in property valuations.

Gazit-Globe posted a fourth-quarter net loss of 865 million shekels ($206 million), or 6.90 shekels a share, compared with a net profit 105 million shekels, or 0.87 shekel a share, a year earlier.

The company said a week ago it would record a loss of 860-885 million shekels in the last three months of 2008.

It had said it would write down 900 million shekels for its share in the decline in the fair value of investment properties among its subsidiaries.

Gazit-Globe had said it would also write down 490 million shekels on adjustments in the value of rights and commitments for investments in shares of Austrian-listed unit Atrium European Real Estate ATRV.VI as well as currency swaps and securities.

It recorded rental income of 891 million shekels, compared with 962 million shekels a year ago.

Gazit-Globe operates in the United States through Equity One Inc EQY.N, of which it owns 40 percent, and in Canada through First Capital Reality Inc (FCR.TO), of which it owns 54 percent. ($1 = 4.20 shekels) (Reporting by Steven Scheer; Editing by Lincoln Feast)

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