Elbit Imaging Turns To Profit In Q1 - Quick Facts

(RTTNews) - Elbit Imaging Ltd. (EMITF) said that its profit attributed to the equity holders of the company for the first quarter of 2014 was NIS 1.50 billion compared to a loss of NIS 99 million in the same quarter last year.

Profit from continuing operations amounted to NIS 1.474 billion or $423 million compared to a loss of NIS 109 million in the prior year.

Financial gain from debt restructuring in the first quarter of 2014 amounted to approximately NIS 1.609 billion or $462 million. Such gain reflected the difference between the carrying amount of the Company's unsecured financial debts (notes and a bank loan) as of the closing of the restructuring and the fair value of the shares and notes issued by the Company based on their closing quoted price on the first day of trading.

Consolidated revenues and gains for the quarter declined to NIS 109 million or $31 million from NIS 114 million in the prior year quarter.