Corio's direct result for the first nine months of 2005 increased by â¬11.5 million to â¬151.6 million (+8.2%) compared with the first nine months of 2004 (â¬140.1 million adjusted for non-recurring profit of â¬4 million in Q2 2004). This increase was caused particularly by the 2.2% increase in net rental income to â¬200.9 million (9M 2004: â¬196.5 million) and the share in the profit of Akmerkez GYO, Istanbul from its acquisition on 11 April 2005 up to the end of September 2005 for an amount of â¬6.7 million.
The indirect result totalled â¬157.5 million compared with â¬14.1 million for the first nine months of 2004. The revaluation of the property portfolio was â¬175.7 million for the first nine months of this year, excluding â¬1.6 million book profit on sales, that is an increase in value of 4.5% in the first nine months, well above the increase in net rental income of the entire portfolio.
The net profit, the total of the direct and indirect result, amounted to â¬309.1 million or â¬ 4.67 per share (9M 2004: â¬158.2 million including the â¬4 million non-recurring profit or â¬2.39 per share), an increase of 95.4%.
For complete press release, see link below:
press release 9M 2005 Corio