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Elbit Imaging Ltd. Announces First Quarter Results for 2008
Date:5/29/2008

TEL AVIV, Israel, May 29 /PRNewswire-FirstCall/ -- Elbit Imaging Ltd. (Nasdaq: EMITF) ("EI" or the "Company") today announced its results for the first quarter of 2008.

Loss for the first quarter of 2008 amounted to NIS 3.5 million (approximately US$ 1.0 million) of which loss of NIS 27.3 million (approximately US$ 7.7 million) is attributable to the equity holders of the Company, while profit of NIS 23.8 million (approximately US$ 6.7 million) is attributable to minority interest. The first quarter results for 2008 are compared with loss of NIS 34.0 million (approximately US$ 9.6 million) in the corresponding period of 2007 of which NIS 40.6 million (approximately US$ 11.4 million) loss is attributable to the equity holders of the Company and profit of NIS 6.7 million (approximately US$ 1.9 million) is attributable to minority interest.

Profit for the first quarter of 2008 excluding stock-base compensation expenses (Non GAAP measure) amounted to NIS 8.8 million (approximately US$ 2.5 million) compared with loss of NIS 17.8 million (approximately US$ 5 million) in the corresponding period of 2007.

Mr. Shimon Yitzhaki, President, commented: "Inasmuch as the core business of the Company is the initiation and development of investments and projects in the real estate sector, our results are directly affected by the realization of real estate asset during the relevant quarter. Accordingly, as we have seen in previous years, the Company presents high profits in a quarter in which real estate assets are realized, whilst in quarters where there are no asset sales, it presents lower profits. The Company's long term results presented high level of profits and therefore the Company's results must be measured over a long period
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SOURCE Elbit Imaging Ltd.
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