Italy's listed shopping centre specialist IGD Siiq has seen its profit rise by 54% to nearly EUR 23 mln in the first three quarters of 2010, from EUR 15 mln in the same period a year before. Total revenues remained unchanged at EUR 89 mln over the course of 2010.
Italy's listed shopping centre specialist IGD Siiq has seen its profit rise by 54% to nearly EUR 23 mln in the first three quarters of 2010, from EUR 15 mln in the same period a year before. Total revenues remained unchanged at EUR 89 mln over the course of 2010.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) increased by 7% to EUR 60 mln in the first three quarters of the year.
As part of the company's updated 2009-2013 business plan, IGD Siiq said that it is targeting EUR 750 mln of investments over the five-year period, with an additional EUR 100 mln relating to the portfolio's asset turnover. The operations are expected to increase the group's portfolio size to roughly EUR 2.2 bn in 2013, from EUR 1.7 bn at present.
'The good results achieved by our group in terms of revenues and profitability in the first nine months of 2010, which grew despite the complex consumer environment, testify to the profound validity of our business plan and allow us to confirm all our targets, with regard to both investments and growth of the principal indicators, which we believe are sustainable and obtainable by 2013,' said CEO Claudio Albertini.
The company's property portfolio consists of 17 hypermarkets and 19 shopping centres in Italy as well as 15 shopping centres and an office building in Romania.
