Property group Africa Israel Q2 loss widens on Russian mall
Israeli real estate developer Africa Israel Investments posted a wider loss in the second quarter due to a decline in revenue at its mall in Russia and the impact of the euro's weakness against the shekel.
The company said on Thursday it had a net loss of NIS 179 million ($45.6 million) in the quarter, compared with a loss of 66 million a year earlier. The company, controlled by billionaire diamond dealer Lev Leviev, said income from rent and operation of properties fell to NIS 149 million from 172 million. Africa Israel is the parent company of Russian real estate developer AFI Development.
