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The revaluations included for the first time, the Mall of Russia, owned by subsidiary AFI Development plc (LSE:AFID). Africa-Israel had NIS 6.81 billion in shareholders' equity at the end of March, 19.6 percent of its balance sheet total. The shareholders' equity was higher compared with the end of 2008, but 31 percent less than at the end of March 2008. Net cash flow from operations more than tripled to NIS 397.7 million for the first quarter. Net financing expenses fell, thanks to the drop in inflation during the first quarter, sharply reduced administrative and general expenses, and strong results by subsidiaries. Africa-Israel's share rose 2 percent by mid-afternoon to NIS 77.95. 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. For full details for AFIDL click here.
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