Israel-based Elbit Imaging reported net profit for the first quarter of fiscal 2009 compared to net loss in the corresponding quarter last year, reaping benefits of a series of exits preformed prior to the global crisis.
The company reported a net profit of NIS 8.6 million for the first quarter, compared to a net loss of NIS 3.5 million for the corresponding quarter last year. Net profit attributable for equity holders for the quarter was NIS 21 million compared to net loss attributable for equity holders of NIS 27.3 million reported in same period last year.
Total revenue for the quarter increased to NIS 215.8 million from NIS 195.2 million reported in the corresponding period last year. In dollar terms, net sales for the first quarter was $51.5 million.
Commenting on the results, Mr. Shimon Yitzhaki, President and CEO of the Company said, "Our Group concludes a profitable quarter, despite the global credit crisis, mainly evident in the real estate and financial sectors. The Elbit Imaging Group encountered the global credit crisis prepared to the best of its abilities, with high cash surpluses following a series of exits preformed prior to the global crisis."
The stock closed Friday's trading session at $20.99 in Nasdaq.
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