JERUSALEM (Dow Jones)--Israeli real-estate company Gazit-Globe Ltd. (GLOB.TV) said Wednesday its net profit for the fourth quarter was slightly down at 223 million shekels ($60.3 million), compared with ILS226 million in the fourth quarter of 2010.
Rental revenue rose 18% to ILS1.39 billion from ILS1.18 billion, but a weaker shekel weighed on profit.
For the year as a whole net profit was ILS626 million, compared with ILS790 million, with annual rental revenue at ILS5.24 billion, up from ILS4.6 billion.
The company also attributed the lower annual profit to a weaker shekel. The company said it expects more growth in 2012 as it was able to make many investments in 2011, lower its debt and carry out an American initial public offering to list its shares on the New York Stock Exchange.
Shay Lipman, analyst at Israel Brokerage and Investments, a local investment house, said the company's performance in 2011 paves the way for continued growth and improvement in 2012.
In his report, Lipman raised the target price of Gazit Globe's shares to ILS55. Gazit Globe is a real-estate company operating in Israel, Europe and North America.
At 0930 GMT, shares of Gazit Globe were down ILS0.03, or 0.08%, at ILS39.06, in a higher Tel Aviv market.
