Frankfurt-listed Hahn Group generated revenue of EUR 28.31 mln in the first half of 2009 compared with EUR 29.72 mln a year ago. Operating profit (EBIT) fell to EUR 1.83 mln, compared to EUR 9.69 mln a year ago.
Frankfurt-listed Hahn Group generated revenue of EUR 28.31 mln in the first half of 2009 compared with EUR 29.72 mln a year ago. Operating profit (EBIT) fell to EUR 1.83 mln, compared to EUR 9.69 mln a year ago.
The company booked an after-tax loss of EUR 1.78 mln, compared to a profit of EUR 2.18 mln in the year-earlier period. This is equivalent to earnings per share of EUR 0.15 (EUR 0.18).
In a press release, the company attributed the earnings decline to lower rental income following disposals, and lower non-recurring income.
Net financing expenses were reduced to EUR 4.43 mln from EUR 13.05 mln a year ago. Financial debt was reduced further against both the same period last year and the end of 2008.
Pointing to the 'difficult' economic and capital-market environment, the company said it could not provide a reliable forecast of the group’s earnings performance for 2009 as a whole. However, there are some positive signs, Hahn Group CEO Bernhard Schoofs said. 'We also take encouragement from our observation that institutional and private demand for indirect real estate investments is continuing to grow - preferably in defensive types of uses like the retail sector.'
Hahn Group is specialised in investments in large-scale retail properties. With a rental space of around 1.3 mln m² under management at about 150 locations and assets under management of more than EUR 2 bn, the Hahn Group claims to Germany’s market leader in the management of large-scale retail real estate.
