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Big Shopping Advances Most in 2 Months on Profit, Dividend

May 30 (Bloomberg) -- Big Shopping Centers (2004) Ltd. advanced the most in more than two months after the operator of open-air shopping centers said first-quarter profit jumped 31 percent and the company started paying dividends.

The shares jumped 4.5 percent, the most since March 21, to 90.32 shekels at the 4:30 p.m. close in Tel Aviv, giving the Herzlia, Israel-based company a market value of 1.05 billion shekels ($304 million).

Net income rose to 30.1 million shekels from 23 million shekels a year earlier as revenue surged 86 percent, Big said today in a statement to the Tel Aviv Stock Exchange. Separately, the company said it will begin paying an annual dividend of 30 million shekels.

To contact the reporter on this story: Susan Lerner in Jerusalem at slerner2@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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