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. Last Updated: 07/27/2016

AFI's Q1 Profits Soar on Revaluation

JERUSALEM — Africa-Israel Investments, the real estate company owned by Lev Leviev, said Sunday that first-quarter profit soared more than twelvefold as its properties in Russia and Eastern Europe were revalued by a change in accounting procedures.

Net income surged to 647 million shekels ($162.7 million), or 11.60 shekels per share, in the three months through March, from 44.7 million shekels, or 0.81 shekel per share, a year earlier, the company said in a statement. Revenue doubled to 3.05 billion shekels.

"The first-quarter results express for the first time the substantial intrinsic value of the flagship properties the group is now developing," chief executive Izzy Cohen said in the statement.

The company singled out one of its flagship projects the Mall of Russia, a five-level shopping and entertainment project built in Moscow by its AFI Development unit.