Eurocommercial Properties N.V. first quarter results 2003/2004

Net income increased by 10% to € 10.9m and earnings per share increased by 6% to € 0.37 compared to the previous corresponding period. Shareholders’ equity increased by 1.9% to € 671m and net asset value per share increased by 1.9% to € 22.94 since 30 June 2003.

Net income
The board of Eurocommercial Properties N.V. announced today that the Company realised a net income after taxation of € 10.9 million for the first quarter of its financial year 2003/2004, which represents an increase of approximately 10% over € 9.9 million for last year’s first quarter.

Recently announced property acquisitions in Sweden and Italy will contribute to income from October in the case of Sweden, with Bologna expected to follow in December.

Net asset value
Net asset value before income appropriation improved by 1.9% to € 22.94 per depositary receipt since 30 June 2003 mainly as a result of net income for the period. The net asset value in June 2003 was € 22.53 per depositary receipt.

Source: Eurocommercial Properties

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