European retail specialist Corio reported net profit in the first three months of 2012 more than halved to EUR 40.1 mln from EUR 87.1 mln in the year-earlier period following a negative indirect result of EUR 27.8 mln.
European retail specialist Corio reported net profit in the first three months of 2012 more than halved to EUR 40.1 mln from EUR 87.1 mln in the year-earlier period following a negative indirect result of EUR 27.8 mln.
The negative result reflected a net downward revaluation of EUR 13.9 mln due largely to lower values for retail properties in Spain and Portugal. These two countries accounted for the biggest drop in percentage terms, but France generated the biggest decline in absolute terms following a downward revaluation of the offices and industrial portfolio.
The direct result rose 2.6% to just under EUR 68 mln following a 3.3% increase in net rental income to EUR 101.2 mln from. Excluding acquisitions and disposals, net rental growth was more subdued at 1.4% (2.1% in Q1 2011). Footfall on a like-for-like basis increased 1.1%.
Corio is one of the largest listed retail property investors and managers in Europe. The company's EUR 7.4 bn portfolio consists for 97% of shopping centres in the Netherlands, France, Italy, Spain, Germany and Turkey.
