Fair Value REIT-AG reported revenues increased to EUR 14.4 mln in 2010 from EUR 12.2 mln the previous year while consolidated net profit amounted to EUR 2.2 mln - up over EUR 5 mln on the 2009 loss of EUR 2.9 mln.
Fair Value REIT-AG reported revenues increased to EUR 14.4 mln in 2010 from EUR 12.2 mln the previous year while consolidated net profit amounted to EUR 2.2 mln - up over EUR 5 mln on the 2009 loss of EUR 2.9 mln.
The group's net rental result increased 12% to EUR 9.5 mln.
The main reason for the increase in earnings was the ‘significantly improved valuation result of the real estate portfolio, as well as cost savings,’ the group said in a statement.
‘On balance, there was a valuation loss of around 2%, which was mainly due to temporary vacancies in individual properties. Compared with the previous year (-4%), the valuation result improved by 50%.’
