Italian listed commercial property company IGD Siiq saw its net profit halve to EUR 20 mln in 2009, primarily due to a decline in the fair value of its real estate portfolio. The figure compares to a profit of EUR 43 mln reported a year before.

Italian listed commercial property company IGD Siiq saw its net profit halve to EUR 20 mln in 2009, primarily due to a decline in the fair value of its real estate portfolio. The figure compares to a profit of EUR 43 mln reported a year before.

Revenues increased by 18% year-on-year to a total of EUR 120 mln, mainly as a result of the openings and acquisitions of various shopping malls such as the Tiburtino shopping centre, which opened in April last year, the Katané mall, opened in May, the Maioliche centre acquired in October and the Bricchi scheme, opened in December.

The company's net debt reached EUR 1 bn at the end of the year, up from EUR 734 mln at end-2008.

IGD Siiq said that its board of directors is putting forward a proposal to change the maturity date of a EUR 230 mln bond, in efforts 'to help the IGD Group keep its sources of funding suitably balanced and to align the expiration of the bond with that of the group's 2009/2013 business plan limiting the cost of debt'.

The company is also proposing a 2009 dividend of EUR 0.05 per share.