During the first quarter of 2002 Wereldhave Belgium booked a net profit of EUR 4,9 mln (2001 : 5,3 mln). Consequently, the operating profit per share reached EUR 0,92 (2001 : EUR 1,00).
The gross rental income amounted to EUR 5,4 mln (2001 : EUR 4,9 mln) and the financial profits amounted to EUR 0,3 mln (2001 : 0,5 mln).
The gross rental income increased by EUR 0,5 mln or approximately 9% and the operating profit increased by EUR 0,4 mln, also approximately 9%. The net result dropped by EUR 0,4 mln as compared to the first quarter of 2001. This was caused by a lower extraordinary result (EUR 0,6 mln), a lower financial result (EUR 0,2 mln) and an increase of operating costs (EUR 0,1 mln).
The increase in gross rental income was the result of several new lease agreements in the office developments 'De Veldekens' in Berchem-Antwerp and in the 'Business & Mediapark' in Vilvoorde.
Portfolio
On March 31, 2002 the market value of the portfolio, including the development portfolio, amounted to EUR 308,2 mln.
The completion of the office building (11.200 m² - 3-rd phase) in the development 'De Veldekens' in Berchem-Antwerp and of the office building (12.700 m² - 2-nd phase) in the 'Business & Mediapark' in Vilvoorde is expected to take place at mid-year 2002.
Prospects
The Belgian letting market is still weak in an economy that is trying to find its way uphill. Restructuring and reorganisations will have an impact on vacancy rates and on rental levels. This will materialise in a slow down in lettings. Consequently, Wereldhave Belgium expects a slight decrease in the operating result per share over the entire year 2002.
(source: Wereldhave Belgium)
