The corona crisis hit the mall company Melisron and led it to record a net loss of NIS 187 million

The corona crisis hit the mall company Melisron and led it to record a net loss of NIS 187 million in the second quarter against a net profit of NIS 383 million in the corresponding period last year.
Melisron, which owns 24 income-producing real estate properties, including many malls such as the Ramat Aviv Mall, the Grand Canyon in Haifa and others, recorded a half-year cut in adjusted rental income (NOI) in identical properties that amounted to NIS 147 million in the second quarter.
The consequences of the second wave in July will continue to affect the retail sector, especially when it comes to closed malls. Melisron announced a NIS 148 million relief program for tenants in malls during the second quarter. July was weak and in August, at least so far, a recovery began to register.
According to the company's CEO, Ofir Sarid, "in July there was a decrease in the number of visitors due to an increase in the volume of illness, while from the beginning of August we are witnessing a daily increase in the number of visitors to malls and a significant increase in revenue."
Mlisron notes that since the reopening of the malls until the last day of the second quarter, at the end of June, there has been a recovery in the form of an increase of about 6.9% in the company's malls' revenues, compared to the same period last year. The Company's operating profit (FFO) was cut by two-thirds and amounted to NIS 61 million in the second quarter, compared with NIS 180 million in the corresponding period.

Melisron chairman Liora Ofer noted with the publication of the results that "the company is currently in a challenging period and has been adapting itself since the malls returned to activity to the emerging reality. The company continues to be more attentive during this period to its tenants, and helps them as much as possible. "