A €34.5 mln devaluation has seen H1 profits fall 54% for mall developer Atrium European Real Estate, compared to the same period in 2013.
A €34.5 mln devaluation has seen H1 profits fall 54% for mall developer Atrium European Real Estate, compared to the same period in 2013.
The asset devaluations saw pre-tax profit fall to €35.5 mln for the first half of this year, compared to €61.7m for H1 2013.
However, net rental income increased by 7% to €103.1 mln.
CEO Rachel Lavine said the firm, 'recorded strong year-on-year increases in gross and net rental income mainly driven by the two new prime properties added to our portfolio. On a net like-for-like basis there was a marginal decrease principally driven by the restructuring of certain properties, where we believe the medium-term benefits of such activities far outweigh any disruption in the short term.'