Sunday, September 7, 2008

Boymelgreen Development loses NIS 44m in quarter

Despite higher revenues and operating profits, Shaya Boymelgreen's eponymous company continues to post net losses. In this year's second quarter, Boymelgreen Development suffered losses totaling NIS 44.4 million, exceeding the NIS 43.9 million the company lost in the second quarter of 2007. As of June 30, 2008, the company's equity deficit was NIS 11.8 million.

Boymelgreen Development is a real estate holding company and the controlling shareholder in Azorim, and is involved in housing development projects in Israel and abroad as well as income-yielding properties and hotels via Azorim Moriah, which operates the Sheraton Moriah hotel chains. Boymelgreen's quarterly results include those of Langa Holdings and are affected by the fortunes of the Assouta Complex in Tel Aviv, in which Boymelgreen has a 50% stake.


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