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Africa-Israel Climbs Most in Two Months on Quarterly Profit

Aug. 29 (Bloomberg) -- Africa-Israel Investments Ltd. advanced the most in almost two months after Lev Leviev’s holding company reported second-quarter net income of 32 million shekels ($8.9 million) as revenue increased.

The shares jumped 5.6 percent, the most since July 3, to 14.53 shekels at the 4:30 p.m. close in Tel Aviv. The stock has dropped 23 percent over the past year.

Revenue climbed 37 percent to 1.69 billion shekels, the Yehud, Israel-based company said today in an e-mailed statement. Net income declined from 1.21 billion shekels a year earlier.

The results aren’t directly comparable because the company reached a settlement with bondholders last year, said Noam Pincu, an analyst at Psagot Investment House Ltd. in Tel Aviv. Africa-Israel exchanged about 7.5 billion shekels of fixed-income securities for new bonds, cash and equity in May 2010 after the value of its real-estate portfolio tumbled amid the global credit crisis.

“As long as Africa-Israel has a profit after the problems it had in the past it’s good,” Pincu said by telephone. “Profit at Africa-Israel like many holding companies, especially in real estate, is very volatile.”

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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