· Direct result reaches €26.8 mln
· EBIT at €50.1 mln · NAV grew 4.2% to €1.2 bln
· Growth in the provision of third party service
· Tenant sales and occupancy rates with positive performances
Sonae Sierra, the international shopping centre specialist, recorded a net profit of €79.3 mln in the first half of 2015, a 66% increase compared to the €47.8 mln recorded in the same period of last year.
Tenant sales in the European portfolio grew by 2.8% in a like-for-like basis, compared to the same period of 2014, with emphasis on the 3.3% growth in Portugal, 2.4% in Spain and 5.8% in Italy. The Brazilian market maintained a positive performance, with a 7.3% (BRL) like-for-like increase in tenant sales, also compared to the same period of 2014.
The global occupancy rate of the portfolio was 95.8%, a 1.1% increase compared to the same period of 2014, reflecting the improving economic environment and the confirmation of the successful strategy adopted by the Company to enhance the quality of its assets.
According to Fernando Guedes de Oliveira, Sonae Sierra's CEO, "the first six months of 2015 were marked by the Company's highly improved operational and financial performance, demonstrating our ability to achieve gains from the recovery of the European market. We're also growing in the third party service provision area, with the management and letting of six new shopping centres and the signing of new service contracts for the development of projects in different geographies".
In the first semester of this year, the direct result was €26.8 million, a 22% increase compared to the same period of 2014. The organic growth in direct results is mostly due to (i) the increased rents in European and Brazilian shopping centres, (ii) the economic recovery of the European market and (iii) the increased occupancy rate mainly of the most recently opened Brazilian shopping centres.
The indirect result was €52.5 mln, more than doubled the indirect result of the same the period of 2014, mainly due to yield compression in Europe and the overall improved operational performance in 2015.
Source: Sonae Sierra
