Corio reports in the first quarter of 2006 an increase of 3.9% in the direct result to €50.9 million (Q1 2005: €49.0 million) or €0.77 per share (Q1 2005: €0.74 per share).
This increase can be attributed to a rise of €4.1 million or 6.1% in net rental income (including Akmerkez) minus €2.5 million higher financing costs due to attracting additional finance for investments.
Highlights first quarter 2006:
- An increase of 3.9% in the direct result to €50.9 million (Q1 2005: €49.0 million) or €0.77 per share (Q1 2005: €0.74 per share).
- This increase can be attributed to a rise of €4.1 million or 6.1% in net rental income (including Akmerkez) minus €2.5 million higher financing costs due to attracting additional finance for investments.
- The like-for-like net rental growth (of projects that were in operation in the first quarter of 2005 and the first quarter of 2006) amounted to 3.5% for the total portfolio and 4.6% for the retail portfolio.
- The indirect result (after deduction of an addition to the provision for deferred tax liabilities) amounted to €16.4 million (Q1 2005: €3.2 million) or €0.25 per share (Q1 2005: €0.05 per share) caused by a revaluation of the portfolio in the first quarter of 2006 of €19.2 million including a book profit on sales of €0.2 million (Q1 2005: €9.1 million).
- The net profit (direct and indirect result) rose by 28.9% to €67.3 million (Q1 2005: €52.2 million) or €1.02 per share (Q1 2005: €0.79 per share).
- An increase in net asset value to €41.56 per share (year-end 2005: €40.33 per share).
- Improvement of average occupancy rate for the entire portfolio to 96.5% compared to 95.7% over the first quarter of 2005, mainly caused by the leasing of office properties.
- The value of the property portfolio increased to €4.6 billion due to the acquisition of shopping centres for an amount of €26.6 million, investments in the portfolio and pipeline of future projects amounting to €15.1 million, the sale of residentials for an amount of €3.9 million and a revaluation of the portfolio of €19.2 million.
- The retail share in the portfolio remained unchanged at 79% compared to the end of 2005 (31 March 2005: 75%).
- The outlook as stated year-end 2005 is maintained.
Source: Corio
