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Israel Land Development Corporation (TASE:


), which is controlled by the Nimrodi family, today reported netting NIS 1.6 million for the second quarter of 2002. In the parallel quarter of last year, the holding company lost NIS 20 million.

ILDC's shift to black is attributable to the sale of

Partner Communications (LSE:PTNRq; TASE, Nasdaq:


) shares by subsidiary

Ma'ariv (TASE:


) (61%). That sale generated profits of NIS 23.2 million for ILDC.

After tax, ILDC lost NIS 20.5 million, compared with NIS 16.6 in the corresponding quarter of last year.

ILDC operates in four core areas: real estate, communications, hotels, and insurance,

Its operating profit from real estate came to NIS 18.2 million in the quarter, against NIS 16 million in the parallel.

Profits from construction projects doubled in the second quarter, ILDC said, to NIS 8 million.

Communications activities, mainly through Ma'ariv and

Hed Arzi (TASE:


), generated losses of NIS 8.6 million for thr quarter, compared with netting NIS 0.73 million in the compared with. For the first half, ILDC lost NIS 3 million on Ma'ariv (before financing costs and other income), compared with netting NIS 9 million in the parallel.

Insurance, through

ILD Insurance (TASE:


), yielded NIS 2.8 million operating profit, against losing half a million in the parallel quarter.

Hotels continued to dig a hole in ILDC's pockets, thanks to the


-driven tourism slump. Its hotels activity lost NIS 2.5 million, compared with losing NIS 3.5 million in the corresponding quarter of 2001.

Second-quarter operating profit was NIS 10 million, before financing costs, capital gains and other income. For the half-year operating profit was NIS 34 million, slightly down from the parallel period.