Finnish retail property firm Citycon reported net profit, including fair value gains, for the full year 2007 rose more than 61% to 203.9 mln from EUR 126.4 mln in 2006. Turnover increased by 27% to EUR 151.4 mln. The company said the direct result came in at EUR 35.7 mln, up from EUR 32.4 mln a year earlier. Net rental income was up 25% for the year at EUR 103.4 mln, due mainly to higher fair value changes, acquisitions and growth of rental income from like-for-like properties.
Finnish retail property firm Citycon reported net profit, including fair value gains, for the full year 2007 rose more than 61% to 203.9 mln from EUR 126.4 mln in 2006. Turnover increased by 27% to EUR 151.4 mln. The company said the direct result came in at EUR 35.7 mln, up from EUR 32.4 mln a year earlier. Net rental income was up 25% for the year at EUR 103.4 mln, due mainly to higher fair value changes, acquisitions and growth of rental income from like-for-like properties.
Citycon owns a total of 32 shopping centres in Finland, Sweden and the Baltic countries. The Liljeholmen shopping centre development in Stockholm is Citycon's largest ever project, with total costs amounting to about EUR 180 mln, including EUR 120 mln in building costs.
