Capital Shopping Centres, the UK's largest publicly-traded shopping-centre owner, said its full-year underlying earnings excluding one-offs rose 43% in 2011, as takeovers boosted revenues.
Capital Shopping Centres, the UK's largest publicly-traded shopping-centre owner, said its full-year underlying earnings excluding one-offs rose 43% in 2011, as takeovers boosted revenues.
Profit excluding changes in asset values and one-time items rose to £138.6 mln (EUR 162 mln) or 16.5 pence a share, the London-based company said. That compares with a profit of £96.6 mln in 2010.
The company's £1.6 bn purchase of the Trafford Centre in Manchester in January 2011 was said to be the biggest single property transaction in Europe last year. CSC owns 10 of Britain's 25 largest malls in terms of retail sales.
'The Trafford Centre acquisition has driven our strong performance and has exceeded our expectations,' chief executive David Fischel said. 'While the UK economic environment is challenging, CSC is well positioned for growth,’ he said, pointing to the company’s ‘considerable capital base.
