In the first three months of the financial year 2002/2003 (1 March â€“ 31 May 2002), Rodamco Asia NV achieved a net profit of Ã¥7.3 mln (Ã¥0.35 per share), which represents a 26% increase from net profit of Ã¥5.8 million in the same three three-month period a year ago.
The total performance in the first three months of 2002/2003 amounted to minus Ã¥4.5 million due largely to currency results that were impacted by the euro strengthening against most Asian currencies. Net asset value per share decreased by 1.1% from Ã¥23.03 at the beginning of the financial year to Ã¥22.77 on 31 May 2002. The closing share price that day was Ã¥17.60, representing a discount to net asset value per share of 23%.
Ton de Boer, CEO of Rodamco Asia said, 'We continue to demonstrate our ability to grow our net profit from continuing operations amidst challenging market conditions during the first quarter of our current financial year. In fact, the soft conditions have given us opportunities to source for attractive acquisitions that will contribute to future revenue and profit growth, as shown by our latest acquisitions in South Korea and China.'
For more information please visit www.rodamco-asia.com.
(source: Rodamco Asia)