Elbit Imaging Ltd. Announces Third Quarter Results for 2009

Published November 29th, 2009 - 11:51 GMT

Elbit Imaging Ltd. (NASDAQ: EMITF) ("EI" or the "Company")
today announced its results for the third quarter of 2009.

 

    Loss for the third quarter of 2009 amounted to NIS 155
million, of which NIS 144 million is attributable to the equity holders of
the Company as compared to NIS 72 million in the corresponding quarter of
2008 of which NIS 85.5 million is attributable to the equity holders of the
Company.

 

    Company's shareholder's equity, as of September 30, 2009
amounted NIS 2.2 billion, compared with NIS 2.4 billion as of December 31,
2008

 

    Our presentation to the consolidated financial statements for
the third quarter of 2009 is available through our website at:
http://www.elbitimaging.com under: "Investor Relations - Company
Presentations (09/2009)."

 

    Mr. Shimon Yitzhaki, President and CEO of the Company,
commented: "During the third quarter of 2009, we continued to develop our
activities in all sectors. In the real estate business, we are adjusting the
development of our projects to market conditions and financing possibilities.
Since financing market are scarce in this period, both entrepreneurs and
buyers of real estate projects facing difficulties when trying to secure
financing for the development of their real estate projects or for the
purchase of such assets.

 

    The Group's business model is based primarily on the
development of yielding properties and realization thereof at high margin
yields. Therefore, in periods in which, there are no opportunities to realize
our real estate assets at appropriated yields, we will hold these assets and
will generate cash flows from their operations.

 

    In addition, we are investing great efforts to source
high-quality shopping centers in the U.S. that will meet our criteria. We
believe that this sector is highly attractive for companies with financial
capabilities and know-how, such as the Elbit Imaging Group and we hope that
we will be able to secure these opportunities. We believe that our engines
growth in the medium- long term is the commercial centers and residential
sectors in India, and therefore we are investing our best efforts in order to
develop these sectors.


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