Home / Knowledge / News / Apparel/Garments / Elbit Imaging Q3 apparel retail sales up 16%
Elbit Imaging Q3 apparel retail sales up 16%
Nov '13
Elbit Imaging Ltd. announced its results for the third quarter of 2013.

Three months ended September 30, 2013 compared to corresponding period in 2012

The Company's loss for the three months period ended September 30, 2013 ( "Q3 2013") amounted to NIS 702 million, of which approximately NIS 541 million is attributable to non-cash write down expenses of trading properties and investments in associated in India (NIS 420 million) and certain Eastern-European countries held by the Company and its subsidiary Plaza Centers N.V. ("PC"). The write down was mainly due to the following factors:

The Company and PC's reassessment of the probability of future development of certain properties in view of the financial crisis affecting the area in which the Group operates, and the Company's deteriorating liquidity position. This primarily affected lands which were previously not written down below cost as the related completed project was expected to be sold above cost; and;

Disposal of certain of PC's properties subsequent to the reporting period at a selling price below their carrying amounts.

Consolidated income, revenues and gain for Q3 2013 amounted to NIS 120 million (US$ 34 million) compared to NIS 181 million in the corresponding period in 2012 ("Q3 2012").

Revenues from the sale of fashion retail increased in Q3 2013 to NIS 36 million (US$ 8 million) compared to NIS 31 million in Q3 2012. The increase is attributable to increase in revenue from same store and the opening of three new stores.

Cost of fashion retail increased in Q3 2013 to NIS 35 million (US$ 10 million) compared to NIS 33 million in Q3 2012. The increase resulted from the increase in the revenue as mentioned above.

General and administrative expenses amounted to NIS 13 million (US$ 4 million) in Q3 2013 compared to NIS 11 million in Q3 2012. The increase is mainly attributable to expenses relating to the arrangement of the Company's unsecured financial debt.

Share in losses of associated, net amounted to NIS 288 million (US$ 81 million) in Q3 2013 compared to NIS nil in Q3 2012. Such losses in Q3 2013 are mainly attributable to write-down in the Company's joint project with PC in India in the total amount of NIS 282 million (US$ 80 million).

Elbit Imaging

Must ReadView All

Textiles | On 16th Jan 2017

India’s WPI inflation rises to 3.39% in December 2016

India’s annual rate of inflation, based on monthly wholesale price...

Apparel/Garments | On 16th Jan 2017

EC proposes enhanced market access for Sri Lanka

The European Commission (EC) has proposed that a significant part of...

Textiles | On 16th Jan 2017

Producing contamination free cotton biggest task: CCI

Producing contamination free cotton is the biggest task for the...

Interviews View All

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Subscribe today and get the latest News update in your mail box.
Advanced Search