Electra Real Estate earned in the 3rd quarter t NIS 23.4 million, aout 146% increase

Electra Real Estate released its third-quarter results with a fall in revenue and an increase in net income. Electra Real Estate's revenue in the third quarter of 2019 fell by about 30% to about NIS 38.2 million, compared with about NIS 55.1 million in the corresponding quarter last year.
 The company's net profit, in the third quarter, rose to about NIS 23.4 million, an increase of about 146% compared to about NIS 9.5 million in the corresponding quarter last year. The increase in net profit is due to tax revenues of NIS 4.6 million recorded by the company in the third quarter, compared with tax expenses of NIS 16.1 million recorded by the company in the corresponding quarter last year.
The company's operating profit for the quarter amounted to NIS 24.9 million, a decrease of 24% compared with NIS 32.9 million in the corresponding quarter last year.
Gil Roshink, Electra Real Estate CEO: "The third quarter results and the first nine months of this year indicate our professional capabilities in the US housing portfolio alongside the operational capabilities of the management company we own to create value. We continue to advance and develop the company's strategy in this area in the Southeastern United States, continuing the process of realizing the balance of the realization strategy assets. The countries in which we operate in the US are characterized by positive migration and attracting new headquarters of technology and service companies. Electra Real Estate's portfolio is growing steadily and we currently manage (100%) NIS 13.7 billion worth of multi-family housing in the US, making us one of the top 50 companies in the US " B".
"Last July, we completed raising funds for the second fund that specializes in investment in the unprecedented $ 460 million housing market, and we are currently promoting the creation of a third fund of $ 500 million in liabilities. Housing pledged $ 150 million. We will continue to work hard to bring value to investors. "