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Elbit Imaging Ltd. Announces Second Quarter Results for 2008
Date:8/31/2008

TEL AVIV, Israel, Aug. 31 /PRNewswire-FirstCall/ -- Elbit Imaging Ltd. (Nasdaq: EMITF) ("EI" or the "Company") today announced its results for the second quarter of 2008.

Profit for the second quarter of 2008 amounted to NIS 56.0 million (approximately US$ 16.7 million) of which profit of NIS 15.8 million (approximately US$ 4.7 million) is attributable to the equity holders of the Company and NIS 40.3 million (approximately US$ 12.0 million) is attributable to minority interest, compared with profit of NIS 83.6 million in the corresponding period of 2007 of which NIS 57.7 million is attributable to the equity holders of the Company and NIS 25.8 million is attributable to minority interest.

Profit for the second quarter of 2008 excluding stock-base compensation expenses (Non GAAP measure) amounted to NIS 66.8 million (approximately US$ 19.9 million) compared with NIS 100.9 million in the corresponding period of 2007.

Our audited consolidated financial statements for the second quarter of 2008 presentation are available through our website at: http://www.elbitimaging.com under: "Investor Relations - Company Presentations (8/2008)."

Mr. Shimon Yitzhaki, President, commented: "Even in these restless times in the markets, specifically the real-estate markets, Elbit Imaging is pleased to report a profitable quarter. Elbit Imaging continues to implement a policy under which it does not revaluate its real estate assets. As such, Elbit Imaging's profits are recognized on a cash flow basis and from the Group's core business activities. In this quarter we completed and delivered our Plzen Shopping and Entertainment Center to Klepierre, at 100% occupancy let out and
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SOURCE Elbit Imaging Ltd.
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