Inmobiliaria Colonial SA said it raised its forecast for full-year net profit growth to at least 20% from 10%, thanks to an expected positive second half contribution from its Société Foncière Lyonnaise (SFL) unit.
In 2003, Colonial reported a 19 pct rise in net profit to € 86.4 million.
In a statement, Colonial said revenue from its rental activities in the first nine months grew 77.2% to € 129.7 million, with the consolidation of SFL from July 1 contributing € 51.3 million.
Total revenues nearly doubled from € 274 million to € 549 million, boosted by € 219.4 million of asset disposals, with SFL accounting for € 184 million of the divestments.
Net profit grew 27%, from € 61.6 million to € 78.3 million, beating forecasts for € 67 million.
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Source: Freeman
