Spanish real estate company Immobiliaria Colonial reported net profit rose 7.2% to EUR 356.8 mln in the first nine months of 2007 compared with the year-earlier period on revenues of EUR 629.4 mln. Operating profit before interest amounted to EUR 662.6 mln, an increase of 4.5%, while net asset value was EUR 2.97. The company attributed the strong results to favourable rental business development and investment property revaluations.
Spanish real estate company Immobiliaria Colonial reported net profit rose 7.2% to EUR 356.8 mln in the first nine months of 2007 compared with the year-earlier period on revenues of EUR 629.4 mln. Operating profit before interest amounted to EUR 662.6 mln, an increase of 4.5%, while net asset value was EUR 2.97. The company attributed the strong results to favourable rental business development and investment property revaluations.
The figures include the acquisition of Riofisa, which was consolidated from July 31 this year. However, since Riofisa only contributed to results in the months of August and September, a comparison with the year-earlier period is difficult. Riofisa has real estate assets worth EUR 12,093 mln and added more than 125,000 m2 to the portfolio, 78% of which are in the rental business. This brings the total value of Immobiliaria Colonial's assets to EUR 13,607 mln.
Gross rental income advanced 3.8% to EUR 228.6 mln over the nine-month period, while revenues from sales amounted to EUR 400.8 mln. The company said that composition of assets had enabled above-average occupancy of 97.3%. The rental property portfolio in September 2007 covered around 4.2 mln m2 of which 1.6m m2 were let out and the rest under development.
