Listed Italian retail property specialist Immobiliare Grande Distribuzione (IGD) SIIQ saw its profit double to EUR 14 mln in the first half of 2010, largely as a result of lower writedowns on its Italian and Romanian property portfolio. The figure compares to a EUR 7 mln profit in the same period a year before.

Listed Italian retail property specialist Immobiliare Grande Distribuzione (IGD) SIIQ saw its profit double to EUR 14 mln in the first half of 2010, largely as a result of lower writedowns on its Italian and Romanian property portfolio. The figure compares to a EUR 7 mln profit in the same period a year before.

The group's total revenues remained stable in the first six months of the year, amounting to nearly EUR 60 mln. Earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at EUR 40 mln, representing a 7% year-on-year increase which was driven by the opening of new shopping centres.

IGD SIIQ's net debt stood at just over EUR 1 bn at end June 2010. The value of its portfolio rose slightly to EUR 1.8 bn, largely due to acquisitions carried out over the past six months.

'The brilliant results achieved during the first half of 2010 once again confirm the validity of the development plan which calls for the opening of two new shopping malls, in large part already pre-let, in Palermo and in Conegliano Veneto by the end of the year,' said CEO Claudio Albertini.

The company's portfolio comprises 17 hypermarkets and 32 shopping malls in Italy and Romania.