Befimmo has reported net rental income for the six months to 31 March rose by 28.2% to EUR 48.6 mln. The Belgian property firm said the acquisition of 90% of the shares in peer company Fedimmo, effective 28 December 2006, accounted for EUR 9.6 mln of the increase. Excluding Fedimmo, rental income rose by 2.6%.
Befimmo has reported net rental income for the six months to 31 March rose by 28.2% to EUR 48.6 mln. The Belgian property firm said the acquisition of 90% of the shares in peer company Fedimmo, effective 28 December 2006, accounted for EUR 9.6 mln of the increase. Excluding Fedimmo, rental income rose by 2.6%.
The acquisition of Fedimmo lifted the value of Befimmo’s property portfolio to EUR 1.8 bn from EUR 1.1 bn. Net profit for the period came in at EUR 54.1 mln, compared with EUR 31.6 mln for the same year-earlier period. Net cash flow rose to EUR 26.2 mln, from EUR 24.1 mln a year earlier.
The book value stood at EUR 68.11 per share at 31 March, compared with EUR 67.41 per share at the start of the fiscal year. Including the earlier gross dividend payment of EUR 4.92, this represents a six-month return of EUR 5.62 per share.
