March 21, 2018 / 8:39 AM / a month ago

Israel's Azrieli Group Q4 net profit up, raises dividend

JERUSALEM, March 21 (Reuters) -

* Israeli real estate developer Azrieli Group reported on Wednesday fourth-quarter adjusted net profit of 268 million shekels ($77 million), up from 226 million a year earlier.

* Azrieli, which built Tel Aviv’s Azrieli office and shopping complex, said net operating income (NOI), which reflects the group’s core business, rose 7 percent to 360 million.

* During the quarter the company invested 411 million shekels in the purchase of new properties, redevelopment and construction of new properties.

* Azrieli declared a dividend of 520 million shekels, or 4.29 shekels per share, up 8 percent from 2016.

* ($1 = 3.4746 shekels) (Reporting by Steven Scheer; Editing by Tova Cohen)

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