German property company DIC Asset said it expects operating profit in 2009 to amount to between EUR 34 mln and EUR 36 mln, assuming that market conditions do not deteriorate further. The Frankfurt-based company this week reported rental income of EUR 134.5 mln in 2008, up 44% on the year-earlier figure of EUR 93.6 mln, thanks to growth in its portfolio and rent increases for existing assets.
German property company DIC Asset said it expects operating profit in 2009 to amount to between EUR 34 mln and EUR 36 mln, assuming that market conditions do not deteriorate further. The Frankfurt-based company this week reported rental income of EUR 134.5 mln in 2008, up 44% on the year-earlier figure of EUR 93.6 mln, thanks to growth in its portfolio and rent increases for existing assets.
Consolidated net income fell to EUR 25.2 mln from EUR 36.1 mln in 2007, mainly due to lower sales volumes. Earnings per share fell accordingly, to EUR 0.80 from EUR 1.25 a year earlier. At EUR 49.9 mln, revenues from the sale of real estate were down on 2007 but above the 2006 level as the company switched its sale focus to small and medium-sized properties in line with the changed market environment.
Earnings before interest, income taxes, depreciation and amortisation (EBITDA) rose 24% to EUR 124 mln, while operating cash flow increased 61% to EUR 120.4 mln. At EUR 202.2 mln, total revenues for 2008 were down 12% on the year-earlier figure of EUR 236.2 mln.
