TEL AVIV, Israel, May 29 Elbit Imaging Ltd.(Nasdaq: EMITF) ("EI" or the "Company") today announced its results for thefirst quarter of 2008.
Loss for the first quarter of 2008 amounted to NIS 3.5 million(approximately US$ 1.0 million) of which loss of NIS 27.3 million(approximately US$ 7.7 million) is attributable to the equity holders of theCompany, while profit of NIS 23.8 million (approximately US$ 6.7 million) isattributable to minority interest. The first quarter results for 2008 arecompared with loss of NIS 34.0 million (approximately US$ 9.6 million) in thecorresponding period of 2007 of which NIS 40.6 million (approximately US$ 11.4million) loss is attributable to the equity holders of the Company and profitof NIS 6.7 million (approximately US$ 1.9 million) is attributable to minorityinterest.
Profit for the first quarter of 2008 excluding stock-base compensationexpenses (Non GAAP measure) amounted to NIS 8.8 million (approximately US$ 2.5million) compared with loss of NIS 17.8 million (approximately US$ 5 million)in the corresponding period of 2007.
Mr. Shimon Yitzhaki, President, commented: "Inasmuch as the core businessof the Company is the initiation and development of investments and projectsin the real estate sector, our results are directly affected by therealization of real estate asset during the relevant quarter. Accordingly, aswe have seen in previous years, the Company presents high profits in a quarterin which real estate assets are realized, whilst in quarters where there areno asset sales, it presents lower profits. The Company's long term resultspresented high level of profits and therefore the Company's results must bemeasured over a long period of time and not necessarily over a specificquarter."
Mr. Yitzhaki also noted: "The financial strength of the Company wasfurther reinforced by the trust placed in it by institutional financial bodieswhich enabled our subsidiary Plaza Centers NV to raise additional capital byexpanding it's notes series in Israel. The significant cash balances of ourCompany, which grew as a result of the business activities of the Company,allow the Company to meet its long-term business plans. In addition, it mustbe noted that we have accelerated our activities both in terms of acquisitionsin Europe, CEE and in India."
Mr. Yitzhaki further commented: "Recently, we have announced that oursubsidiary company, Plaza Centers, obtained an exclusive license to operate acasino at Obuda Dream Island -- first of its kind in Europe enabling us tocommence the development operations of this mega-project in it's primelocation to become a leading leisure and entertainment resort attractingvisitors from across Continental Europe and overseas."
About Elbit Imaging Ltd.
Elbit Imaging Ltd. ("EI") is a subsidiary of Europe Israel (M.M.S.) Ltd.EI's activities are divided into the following principal fields: (i)Initiation, construction, operation, management and sale of shopping andentertainment centers in Israel, Central and Eastern Europe and India; (ii)Hotels ownership, primarily in major European cities, as well as operation,management and sale of same through its subsidiary, Elscint Ltd.; (iii)Investments in the research and development, production and marketing ofmagnetic resonance imaging guided focused ultrasound treatment equipment,through its subsidiary, InSightec Ltd.; and (iv) Other activities consistingof the distribution and marketing of women's fashion and accessories throughour wholly-owned Israeli subsidiary, Elbit Trade & Retail Ltd., andventure-capital investments.
Any forward looking statements with respect to EI's business, financialcondition and results of operations included in this release are subject torisks and uncertainties that could cause actual results to differ materiallyfrom those contemplated in such forward looking statements, including