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Huge Losses for Delek and Africa-Israel
Reported: 07:56 AM - Dec/01/08
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(IsraelNN.com) Africa-Israel Investments, headed by Lev Levayev, and the Delek energy firm directed by Yitzchak Tshuva reported huge losses in the third quarter. Levayev's holding company lost $500 million, mostly in write-offs due to the declining value of real estate property.
Delek said it lost $200 million in the third quarter, almost half of it due to falling real estate values and higher financial expenses. Operating profit fell by more the two-thirds despite higher revenues.
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