New book by Larry Connors Click here Improve your trading - See how
AFI Development posted a loss of $107.86 million ($0.207 per share) in 2008, compared with a profit of $215.6 million in 2007. Even after distributing a $200 million dividend, the company says that it cash position is still strong and that it still has access to debt financing for its development projects.
AFI Development's net asset value (NAV) plummeted 57 percent to $2.53 billion ($4.82 per share) at the end of 2008 from ($11.19 per share) at the end of 2007. The value of the company's investment portfolio fell 53 percent to $2.47 billion.
After completing the Four Winds residential project and the first two stages of the Ozerkovskaya Embankment hotel and residential project in Moscow in 2008, AFI Development added that the current market conditions have caused a "slowdown in rental demand" and a "significant slowdown" in apartment sales since June with only a small number of deals concluded in the second half of 2008. The company added that it had sold 46 percent of the apartments in the Four Winds project and 74 percent of the apartments in the Ozerkovskaya project for a total of $78.6 million.
Africa-Israel chairman Lev Leviev said, "The extremely difficult conditions in the global and Russian real estate markets have resulted in AFI Development reporting a loss in 2008. We have nevertheless retained our strong cash position and are continuing the development of our core projects."
Leviev added, "The Moscow market has yet to stabilize and we see few signs of an early recovery in 2009.... At the eventual end of the current recession our portfolio will be enhanced from the completion of high quality projects."
AFI Development's share fell 2.1 percent in early trading on the London Stock Exchange to $0.96.. The share is currently worth less than an eighth of its 52-week high of $8.60. Africa-Israel's share rose 1.3 percent in morning trading on the TASE to NIS 30.80.
To see more of the Globes or to subscribe to the newspaper, go to http://www.globes-online.com. Copyright (c) 2009, Globes, Tel Aviv, Israel Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
