Deutsche Euroshop has raised its earnings guidance for the full-year 2012 after a strong performance in the first quarter.
Deutsche Euroshop has raised its earnings guidance for the full-year 2012 after a strong performance in the first quarter.
The German listed real estate company now expects revenue of between EUR 207-211 mln for the full year. Earnings before interest and taxes (EBIT) are expected to come in at EUR 177-181 mln, while FFO per share is seen hitting between EUR 1.70 and EUR 1.74 (previously between EUR 1.64 and EUR 1.68).
Deutsche Euroshop booked revenues of EUR 52 mln in for the first three months of 2012, up 17% on the same period last year. Net operating income climbed 16% to EUR 46.6 mln, while earnings before interest and tax were up 19% to EUR 46 mln. Consolidated profit grew by 24% to EUR 16.5 mln.
FFO improved by 25% from EUR 0.36 to EUR 0.45 per share.
The company said the Q1 results were driven mainly by the three major centre expansions completed last year at the Altmarkt-Galerie in Dresden, the A10 Center and the Main-Taunus-Zentrum. Another key driver was the addition of the Allee-Center Magdeburg to the portfolio.
