Yitzhak Tshuva's real estate arm posted a net loss of NIS 1.98 billion in 2008, compared with a net profit of NIS 608.7 million in 2007. The net loss attributable to majority shareholders was NIS 1.64 billion in 2008, compared with a net profit attributable to majority shareholders of NIS 308.2 million in 2007.
The company's revenue plummeted 83% to NIS 707.5 million in 2008 from NIS 4.38 billion in 2007. The company attributed most of the 2008 loss to NIS 745.9 million in write-down on investment properties, compared with upward revaluations of NIS 758.8 million in 2007.
