Elbit Medical Imaging (Nasdaq:EMITF) yesterday published its fourth-quarter results, revealing that its income from selling medical systems and services, and from running hotels and shopping malls, soared by 52% compared with the comparable quarter of 1999 to NIS 158 million.
The company's name is misleading. The Elbit group established EMI as the medical resonance imaging systems developer. The company was taken over by Europa Israel, a real estate company run by Motti Zisser.
Under Zisser, EMI largely shifted its focus from medical systems to real estate. It focuses on three main investment channels: revenue-generating real estate, mainly malls in central Europe; the hotel industry, mainly in Western Europe; and developing systems and investing in biotechnology and communications.
EMI's financing income soared during the fourth quarter, to NIS 24.3 million, from NIS 3.4 million in the parallel.
The company netted NIS 54.5 million for the fourth quarter, compared with losing NIS 32.9 million in the corresponding period of 1999. Of that, a single deal generated NIS 41 million:
(NYSE:GE) bought the 50% held by Elscint (NYSE:ELT) in their joint venture ELGEMS., for $30 million.
GE and Elscint formed ELGEMS in 1997 to develop and manufacture nuclear imaging systems. ELGEMS, based in Haifa, makes gamma-ray cameras and positron emission tomography products.
Back to EMI, which reported a 51% leap in revenues for the year 2000 compared with 1999 to NIS 505 million. EMI's R&D spending dropped by 23% compared with 1999 to NIS 24.6 million. Income from financing shrank for the year to NIS 32.4 million, down 48% from 1999. EMI ended the year with a net loss of NIS 14.6 million, compared with a net loss of NIS 48 million in 1999.