Tel Aviv-listed holding company Africa Israel continues to show improved performance, reporting a 32% climb in net profit from the parallel quarter to NIS 17.1 million.

On the other hand, revenues slumped 9% from the corresponding quarter of 2000, with almost all the company's sectors showing erosion.

Revenue from construction and property slipped by 6% to NIS 285.2 million. Income from rent and asset management shrank 3% to NIS 43.5 million.

The contribution of Africa Israel Hotels tumbled by 28% to NIS 61.3 million.

Operating profit grew by 4% to NIS 249.7 million, compared with 6.4% in the parallel quarter of 2000.

For the nine months Africa Israel posted a 3% erosion in profit to NIS 1.33 billion, and a 10% jump in net profit to NIS 128.6 million.

The company, controlled by Israeli-Russian diamond mogul Lev Leviev, is traded on the Tel Aviv Stock Exchange at a market cap of NIS 1.5 billion.