Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY), controlled by chairman Lev Leviev, published its consolidated financial report for the first quarter of 2008 on Friday. The company posted a net profit of NIS 125 million (NIS 0.96 per share), down 80% from the NIS 746 million for the corresponding quarter of 2007.
Revenue from regular operations fell nearly two-thirds to NIS 465 million for the first quarter from NIS 1.23 billion from the corresponding quarter, which included NIS 645 million in fair value on investment assets. Profit from real estate developments fell to NIS 122 million for the first quarter from NIS 922 million for the corresponding quarter.
