News Column

Brack Capital Unit Posts Slight Income Fall, Net Asset Value Up

August 21, 2014

Sam Unsted

LONDON (Alliance News) - Brack Capital Real Estate Investments NV Thursday said its Israel-based unit posted a slight fall in net income in the second quarter, but its net asset value increased year-on-year.

Brack said its Brack Capital Properties NV subsidiary, which is listed on the Tel Aviv Stock Exchange, posted net income in the three months to June 30 of EUR11.4 million, compared with EUR11.6 million in the same period last year.

Income-generating real estate contributed EUR4.8 million in the quarter, up from EUR4.4 million the previous quarter, while its residential business posted net income of EUR5.1 million, with EUR4.3 million of that from the firm's work on the Grafental project in Dusseldorf, Germany.

Net asset value for the subsidiary was EUR252.9 million, up 15% on the value at the end of the same quarter a year earlier.

Brack Capital shares were untraded Thursday, quoted at 1.67 pence.

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Source: Alliance News

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