Rodamco Asia's net profit up 26%

In the first three months of the financial year 2002/2003 (1 March – 31 May 2002), Rodamco Asia NV achieved a net profit of å7.3 mln (å0.35 per share), which represents a 26% increase from net profit of å5.8 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 å4.5 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 å23.03 at the beginning of the financial year to å22.77 on 31 May 2002. The closing share price that day was å17.60, 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.'

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(source: Rodamco Asia)

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