Rodamco Asia’s net profit grew 6.2% to € 24.1 mln in spite of strong euro; total performance was € 1

Rodamco Asia NV (´RA´ or the ´Company´) announced today that its net profit for the first nine months of financial year 2003/ 2004 (1 March 2003 â€" 30 November 2003) was € 24.1 million, up 6.2% from the € 22.7 million over the same period last year. Further, without the negative impact of € 3.3 million from average currency rates that were lower than during the first nine months of 2002/2003, the Company´s net profit over the period would have grown by 21%.

Total performance in the first nine months of the year amounted to € 1.4 million (minus € 20 million last year), which is inclusive of negative currency results (minus € 40.6 million vs minus € 43 million last year).

Net asset value per share increased by 0.5% from € 17.73 at the beginning of the financial year (adjusted for the dividends distributed) to € 17.82 on 30 November 2003.

Ton de Boer, CEO of RA said; ´The underlying strong performance of the Company continues to be understated by the strong euro. I am very pleased with the fact that we are reporting a year-on-year net profit increase in euro terms in spite of the extraordinary strength of the euro versus Asian currencies and the US dollar this year. This has been possible because of our single-minded focus on returns and shareholder value, which will continue to drive our investment philosophy as we pursue opportunities available to us.´

Source: Rodamco Asia

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