CEE shopping centre specialist Atrium European Real Estate has reported a return to profit for the first half of 2010, largely due to a sharp upward revaluation of its properties. Pre-tax profits came in at EUR 104 mln, from a loss of EUR 325 mln in the same period a year before.
CEE shopping centre specialist Atrium European Real Estate has reported a return to profit for the first half of 2010, largely due to a sharp upward revaluation of its properties. Pre-tax profits came in at EUR 104 mln, from a loss of EUR 325 mln in the same period a year before.
'Today's results reflect the continued improvements in the markets in which we operate and the solid progress being made across all areas of the business,' said Chief Executive Rachel Lavine. 'The operational and financial achievements we have made to date have created a business which is well positioned for growth. Our real priority now is to ensure that we can make our cash and our low leverage work to our best advantage.'
Earnings before interest, taxes, depreciation and amortisation were up 25% to EUR 50 mln in H1 2010 from EUR 40 mln in the year-earlier period, largely driven by an increase in net rental income which amounted to EUR 65 mln.
Atrium's borrowings decreased from EUR 659 mln at year-end 2009, to EUR 426 mln at end-June 2010, following the EUR 234 mln repurchase of all remaining 2006 medium term notes.
The Amsterdam-based company said that it is paying a dividend of EUR 0.03, with a further EUR 0.03 quarterly dividend to be paid on September 30, 2010.
