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).
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