The board of Eurocommercial Properties N.V. announced yesterday that the Company realised a net income after taxation of â‚¬ 9.9 million for the first quarter of its financial year 2002/2003, which represents an increase of approximately 12% over â‚¬ 8.9 million for last yearâ€™s first quarter.
Net asset value
Net asset value before income appropriation improved by 1.5% to â‚¬ 22.42 per depositary receipt since 30 June 2002 mainly as a result of net income for the period. The net asset value in June 2002 was â‚¬ 22.09 per depositary receipt.
Property portfolio and investment programme
Investment demand for good shopping centres remains high supporting capital values. Retail sales in Eurocommercial Properties´ shopping centres for the year to 30 September 2002 are on average 4% above the same period in 2001. These results are better than expected given generally slowing economic growth in Europe.
Eurocommercial Properties´ investment programme is proceeding with retail acquisitions agreed in principle in France, Italy and Sweden. The total investment, if the transactions are completed, will be in the order of â‚¬170 million.
For more information please visit www.eurocommercialproperties.com.
(source: Eurocommercial Properties)