Engel General Developers (EGD), developer of housing in Israeli as well as in the markets of Central and Eastern Europe (CEE), reported 2002 first nine months net income of 2.69 million new Israeli shekels ($0.55 million) compared with a net income of NIS1.85 million ($0.38 million) for the first nine months of 2001. Revenues for the first nine months of 2002 increased to $30 million (NIS 145 million) from $21 million (NIS 102 million) in the first nine months of 2001.
Net income for the third quarter of 2002 was $0.39 million (NIS 1.94 million) or $0.05 per share, compared with a net income of $0.09 million (NIS 0.43 million) for the third quarter of 2001. Revenues for the third quarter of 2002 increased to eight million dollars (NIS 40 million) from revenues of seven million dollars (NIS 35 million) in the third quarter of 2001.
On November 28, 2002, an affiliate of Yaakov Engel Enterprises Construction Company Ltd. (YEC), EGD's controlling shareholder, made public its intention to purchase from YEC and certain affiliates their shares of EGD, constituting approximately 84 percent of the share capital of EGD and 95 percent of the voting rights therein. The transaction is subject, among other things, to the receipt of certain approvals required under Israeli law, including the shareholders meeting of the purchaser.
EGD is a developer of moderately priced housing in Israel. The company designs, develops, markets and oversees the construction of a variety of homes throughout the central and northern areas of Israel, as well as in the Central and Eastern Europe (CEE) region. Homes developed by the company are generally targeted to first-time buyers, young couples, new immigrants and move-up buyers and are located in or within commuting distance of major urban areas. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
