Jerusalem Economy Ltd. reported earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported ILS 51.4 million profit, compared with heavy ILS 116.7 million losses in the corresponding quarter last year. The company reported a 24.6% drop in revenue due to the continuing sale of properties aimed at reducing the volume of its liabilities, which totaled ILS 336.3 million. The quarterly gross profit dropped accordingly, 13% to ILS 218.5 million. Operating profits skyrocketed 359% to ILS 165.7 million due to a sharp decrease in the revaluation of the company's negative assets, which totaled only ILS 10 million in the quarter, compared with a depreciation of ILS 330 million in the corresponding quarter. For the first half of 2016, Jerusalem Economy reported ILS 667.1 revenue, a 29.3% drop from the corresponding period last year. Gross profit was ILS 427 million, a 15% drop from the corresponding period in 2015, while operating profit rose 7.9% to ILS 291.5 million. Mirland operations in Russia resulted in ILS 59.0 million losses during this period compared with ILS 180.0 million last year, while Svitland's operations in Ukraine and Belarus led to ILS 23 million losses, compared with ILS 80 million losses last year. Jerusalem Economy reported a ILS 82 million net profit in the first half of 2016, compared with ILS 231 million losses in the corresponding period last year. Net operating income from incoming-producing properties dropped 11% in the first half of 2016 to ILS 440 million after the sale of assets in Germany, France and Canada. At the end of the second quarter of 2016, the company maintained real estate investments totaling ILS 12.5 billion.