The AFI Development unit, which is the vehicle for Africa-Israel's activity in Russia, posted a profit of $6 million in the first quarter. Africa Israel CEO Avraham Novogrocki said, "In light of a certain degree of stabilization of the economic Russian economic situation, in the coming year we will continue operating with cautious optimism in this sector and examine our next steps depending on events."
The group's construction and infrastructure unit Danya Cebus posted a 19% rise in its quarterly net profit of 34%, to 19 million. Israeli real estate arm Africa Israel Residences posted a profit of NIS 12 million in the quarter, 35% higher than in the corresponding quarter.
Africa-Israel Industries, on the other hand, posted a loss of NIS 35 million in the first quarter, mainly in Negev Ceramics.
Africa-Israel had net cash flow of NIS 132 million in the first quarter, and cash and cash equivalents at the end of the quarter of NIS 466 million.
Published by Globes [online], Israel business news - www.globes-online.com - on June 1, 2015
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