Blue Square-Israel said today (20 November) that its quarterly net profit surged, boosted by gains from the initial public offering of its real estate subsidiary.

The food retailer posted third-quarter net income of to ILS89.1m (US$20.7m), or ILS2.27 per American depository share, up from ILS17.7m, or 0.45 shekels per ADS, reported for the third quarter of 2005. Excluding the gain from the IPO of Blue Square Real Estate, the net income for the quarter would have been ILS40.5m, the company said.

Revenue increased from ILS1,585.6m last year to ILS1,710.2m this year.