French property group Klepierre said cash flow from operations jumped 15.7% to EUR 257.1 mln in the first six months of 2007, equivalent to a 15.3% rise compared with the year-earlier period. The company also confirmed its forecast of double-digit growth in full-year cash flow from operations.
French property group Klepierre said cash flow from operations jumped 15.7% to EUR 257.1 mln in the first six months of 2007, equivalent to a 15.3% rise compared with the year-earlier period. The company also confirmed its forecast of double-digit growth in full-year cash flow from operations.
Rental income at the group rose 13.9% to EUR 285 mln. Lease income from its core shopping centre assets rose 12% to EUR 249.3 mln. Rents from office properties fell 8.9% to EUR 24.3 mln, while those from retail properties soared to EUR 11.4 mln from EUR 1.1 mln in the year-earlier period. Group net income in the first-half rose to EUR 98.4 mln from EUR 78.5 mln.
Klepierre said that it had made investments of about EUR 550 mln to date this year, including EUR 404 mln in the first half of 2007, and confirmed a full-year target for investments of EUR 1 bn. Through 2011, the French company said it has a reservoir of investments totalling nearly EUR 4.4 bn, with France accounting for about EUR 2 bn of the figure.
