TEL AVIV, Israel, August 31, 2011 /PRNewswire/ —
Elbit Imaging Ltd. (NASDAQ:
EMITF) (“Elbit”) announced today its results for the second
quarter of 2011.
Consolidated revenues for the three months period ended
June 30, 2011 amounted to NIS 241 million (US$ 71 million) compared
to NIS 573 million reported in the corresponded period in 2010.
The decrease is mainly attributable to: (i) we reported
non-recurring gain from the bargain purchase of EDT in the amount
of NIS 397 million in the corresponded period in 2010; (ii)
revenues for our hotel business increased during Q2 2011
nevertheless, due to the sale of our UK hotels in December 2010, we
reported a decrease in the hotels revenue; offset by (iii) an
increase from investment property attributable to EDT which was
acquired in June 2010 and which contributed an amount of NIS 85
million to our total revenue in the current period.
Revenues from commercial centers in Q2 2011 and Q2 2010
amounted to NIS 27 million (US$ 8 million).
Cost of commercial centers in Q2 2011 amounted to NIS 35
million (US$ 10 million) compared to NIS 37 million reported in the
corresponded period in 2010.
Gain from fair value adjustment of investment property in
Q2 2011 amounted to NIS 25 million (US$ 7 million) compared to nil
in the corresponded period in 2010. The gain is attributable to the
revaluation of EDT’s retail properties.
Revenues from investment property rental income in Q2
2011 amounted to NIS 60 million (US$ 18 million) compared to nil in
the corresponded period in 2010. These revenues are attributable to
EDT’s retail properties.
Cost of Investment property in Q2 2011 amounted to NIS 25
million (US$ 7 million) compared to nil in the corresponded period
in 2010.
Revenues from hotels operations and management in Q2 2011
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