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Alon Holdings Blue Square - Israel Ltd. Announces Financial Results For The First Half And Second Quarter Of 2011

Stocks in this article: BSI

ROSH HA'AYIN, Israel, August 25, 2011 /PRNewswire/ --

 

Highlights: • As a result of the inclusion of the results of Dor Alon, the Company's sales in the first half of 2011 amounted to NIS 6,216 million (U.S. $1,820.2 million) (increase of 73%) and the operating profit amounted to NIS 211 million (U.S. $61.8 million)  (increase of 49% compared to the comparable period last year). • In the Supermarket segment the same store sales (SSS) in the first half of 2011 increased by 2.7%[1] compared to the comparable period last year. In the second quarter of 2011 the same store sales increased by 6.7%[1] compared to the comparable quarter last year mainly due to the timing of the Passover holiday. Without the impact of the Passover holiday, the increase in sales in the SSS was 4.0%. • Dor Alon's operating profit increased by 13% in the first half of 2011 compared to the comparable period last year. • In the second quarter BSRE recorded a gain from revaluation of a property in Kiryat Hasharon, Netanya in the amount of NIS 15 million (U.S. $4.4 million). After the balance sheet date, BSRE completed the sale of half of its rights in the property. • During the second quarter the Company and Dor Alon signed an update to the agreement to purchase 49% of Diners. The agreement was consummated on July 1, 2011. The Company recorded in the second quarter of 2011 an income from revaluation of option in the amount of NIS 70 million (U.S. $20.5 million) before taxes.   • The net income increased by 88.1% this half year amounted to NIS 109.5 million (U.S. $32.1 million).

 

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