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, Reports a 45% decrease in revenue, along with a net loss of NIS 187 million, in the second quarter of 2020. This is against the background of losses from real estate revaluations and after it had to close the malls it owns during the quarter, due to the spread of the corona virus. , The company reports that since the reopening of the malls in May, there has been a 6.9% increase in redemptions compared to the corresponding period.
The company’s revenues in the second quarter of 2020 amounted to NIS 212 million, a decrease of 45%, to NIS 389 in the corresponding quarter last year.
In the bottom line, the company records a net loss of NIS 187 million, compared with a profit of NIS 383 million in the second quarter of 2019. The loss is attributed, among other things, to discounts of NIS 148 million given by the company to tenants, as well as a decrease in real estate investment. NIS 310 million attributed to the relief that the company will offer to tenants and the costs of replacing tenants, following the corona crisis, compared with an increase in value of NIS 469 million in the corresponding quarter last year.
The company’s gross profit was about NIS 142 million, a decrease of about 0.5%, a drop of about 50% compared to NIS 292 million in the corresponding quarter last year.
The NOI (Net Operating Income) from identical assets amounted to NIS 147 million in the second quarter, a decrease of 50% compared to NIS 297 million in the corresponding quarter last year.
The FFO (Funds From Operations) plunged by about 66%, to about NIS 61 million, compared to about NIS 180 million in the corresponding quarter last year. The decrease is mainly due to a decrease in the NOI share of the owners.
Ofir Sarid, CEO of Melisron: “As part of dealing with the economic consequences of the Corona crisis, the company formulated a relief plan for tenants, which amounted to NIS 148 million during the second quarter. At the end of July, we were able to register a 6.9% increase in redemptions. In July, there was a decrease in the number of visitors due to an increase in morbidity. Of measures that ensure the company high liquidity and financial flexibility, which enable us to continue with business plans, initiate projects and develop and ensure the growth of Melisron. ”
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