Colonial hikes full year net forecast to up 20% (ES)

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.
Source: Freeman

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