Atrium European Real Estate said its net rental income increased by more than 17% to EUR 43 mln in the first quarter of 2012 from EUR 42 mln in the year-earlier period. The company attributed the growth primarily to acquisitions carried out in 2011 and a strong performance in Russia.
Atrium European Real Estate said its net rental income increased by more than 17% to EUR 43 mln in the first quarter of 2012 from EUR 42 mln in the year-earlier period. The company attributed the growth primarily to acquisitions carried out in 2011 and a strong performance in Russia.
Like-for-like net rental income grew 6.9% to EUR 38 mln (Q1 2011: EUR 35 mln)
Earnings before interest, taxes, depreciation and amortisation (EBITDA), excluding revaluations, increased by 48.6% or EUR 12.5 mln to EUR 38 mln (Q1 2011: EUR 25.5m).
Pre-tax profit increased by 86.4% to EUR 49 mln from EUR 26 mln in Q1 2011. Adjusted EPRA earnings per share rose 50% to EUR 0.09 from EUR 0.06 in the same period last year. Net cash generated from operating activities grew 22% to EUR 31.6 mln.
Atrium CEO Rachel Lavine, said: 'Against a continued backdrop of economic uncertainty we performed well, posting 6.9% growth in like-for-like net rental income growth as well as increased profitability; driven primarily by the impact of our 2011 acquisitions and a strong performance in Russia.'
Listed on the Vienna Stock Exchange and Euronext Amsterdam, Atrium is an investor, manager and developer of shopping centres in Central and Eastern Europe. The company's income-producing portfolio comprised 155 assets valued at EUR 2.1 bn at the end of the first quarter of 2012 compared with EUR 1.5 bn at the end of Q1 2011.
