Rodamco Asia’s first half net profit grew 7.5% to Eur 15.8 mln; total performance was Eur 30.4 mln

Rodamco Asia NV (‘RA’ or the ‘Company’) announced today that its net profit for the first half of financial year 2003/ 2004 (1 March 2003 â€" 31 August 2003) was EUR 15.8 million, up 7.5% from the EUR 14.7 million over the same period last year. Further, without the negative impact of EUR 2.3 million from average currency rates that were lower than during the first half of 2002/2003, the Company’s first half net profit would have grown by 23%.

Total performance in the six-month period amounted to positive EUR 30.4 million, largely boosted by positive contributions from property revaluation and currency results in the second quarter of the year (EUR 12.0 million and EUR 33.8 million respectively in Q2; EUR 15.0 million and EUR 0.9 million in H1).

Net asset value per share increased by 7.6% from EUR 17.73 at the beginning of the financial year (adjusted for the dividends distributed) to EUR 19.07 on 31 August 2003.

Ton de Boer, CEO of RA said, “Our portfolio of diversified, high-quality properties has once again demonstrated its ability to perform strongly in the face of external shocks such as the SARS outbreak in Asia. I am very pleased to note that our development project in South Korea, Rodamco Plaza, was completed on schedule and is now open for business. The impact of this is already shown in the strong property revaluation results in the first half of 2003/2004. In the years ahead, we expect this mall to do well for us.”

Source: Rodamco Asia

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