Africa-Israel's Russian development arm posted a net profit of $84.1 million in January-September.
AFI Development plc (LSE:AFID), the Russian development arm of Africa-Israel Investments Ltd. (TASE:AFIL), today published its financial report for the third quarter and first nine months of 2013. The company reported a net profit of $84.1 million in January-September, compared with a net loss of $276.6 million in the corresponding period of 2012.
Revenue, including net income from the sale of properties, totaled $162.3 million. Rental income rose 20% to $105.1 million in January-September. Rental income rose to $36.6 million for the corresponding quarter, from $28.4 million for the corresponding quarter.
Rental income from the AFIMall City in Moscow rose to $74.6 million in January-September from $62.1 million in the corresponding period.
On Friday, AFI Development reported that the Paveletskaya Phase II project had been rezoned from industrial use to the construction of residential and commercial premises, under an addendum to the land use agreement between AFI Development and the Moscow Municipality.