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Israel - Diamond Dealer Lev Leviev's Profit Soars to $163 Million |
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May 31, 2009 at 09:02 AM
News Source: Reuters
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Lev Leviev examines a diamond in one of the thousands of diamond papers generated daily for export by Ruis Diamonds Ltd., Moscow, Russia. Photo by Robert Weldon.
The Israeli company, controlled by billionaire diamond dealer Lev Leviev, recorded net profit of 647 million shekels ($163 million), up from 45 million shekels a year earlier.
Africa Israel noted that for the first time, it was reporting results according to accounting rule IAS 40 that deals with valuations of real estate under development.
Profitability was also boosted by a decline in financing expenses.
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Africa Israel also has interests in energy, hotels, infrastructure, and fashion. It owns 71 percent of AFI Development, a Russia-focused real estate company.
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Read Comments (11) — Post Yours »
1
May 31, 2009 at 09:29 AM Yitzchok Says:
B"H Nobody deservs this good news more then Leviev. A true chossid, and a big baal tzedakah.
2
May 31, 2009 at 09:18 AM Anonymous Says:
B"H
3
May 31, 2009 at 10:15 AM na nach Says:
thanks for reporting such great news, we were davening for his success, he's a true big baal chesed and deserves to be very very wealthy.
4
May 31, 2009 at 10:07 AM kivi Says:
At least we know somone is making money!!!!
5
May 31, 2009 at 10:30 AM get real Says:
Nobody is making money here. Unfortunately, not even Lev. What the new accounting pravtice allowed was for him to evaluate how much certain properties were worth. No one said they are or they aren't GOING to be worth that much. Howvever, right now, they are pretty much worthless in dollars and cents. I am affraid it will still be a little longer until Lev is giving away the amounts he used to.
6
May 31, 2009 at 11:28 AM Anonymous Says:
You see the koach of tzedakah if you give hashem sends it right back if it means you have to change the accounting rules he changes them for you
7
May 31, 2009 at 12:02 PM kal Says:
“ B"H ”
yirbu komohu BezH"Y!
8
May 31, 2009 at 02:27 PM Great News !!! Says:
This is great news and I hope that Lev HaTzaddik continues to prosper and help Am Yisrael !!! I am praying for him and all that he does. May HKBH send him hatzlucha rabbah in all that he does !!!.
9
May 31, 2009 at 03:39 PM Anonymous Says:
acconting changes! I'm sorry for him hes a great person he will be bankrupt within 3 months unfortunitly
10
May 31, 2009 at 05:35 PM Anonymous Says:
Considering the irrational way the stock market reacts, this could well give his shares the boost in confidence they need to get back on track.
He is not going bankrupt any time soon in any event B"H.
Leviev has much in the way of private assets that will keep him a very wealthy man and allow him to rebuild when the economy cycles up again even in the event, however unlikely, that Africa-Israel goes under or that he loses control of same.
11
May 31, 2009 at 07:34 PM Anonymous Says:
hashem should bless him over and over again.