Norwegian Property fourth quarter 2009: New strategic direction for Norwegian Property
(Thomson Reuters ONE) -
Norwegian Property ASA achieved a profit before tax and fair value adjustments
of NOK 72.9 million in the Fourth Quarter of 2009, up 25 percent compared with
the corresponding period in the preceding year. Gross rental income amounted to
NOK 430.1 million, corresponding to a decrease of 4.5 percent from fourth
quarter 2008 adjusted for sale of properties. Operating profit before fair value
adjustments was NOK 342.2 million, compared with NOK 389.2 million in the same
period of the foregoing year. Total value adjustments for the property portfolio
came to -1.2 percent in the quarter, corresponding to NOK -283.2 million, of
which commercial properties had a positive value adjustment of 0.2 percent
whereas the hotel portfolio was adjusted downwards by 3.5 percent. Profit before
tax amounted to NOK -276.3 million in the Fourth Quarter 2009, compared with NOK
-2 508.2 million in the corresponding period of 2008.
In the Fourth Quarter Norwegian Property has renegotiated a total of 40 office
rental agreements, which resulted in an aggregate increase in rent levels of
18.8 percent for these contracts.
CEO Olav Line says in a comment:
"Norwegian Property delivers Fourth Quarter results for 2009 reflecting stable,
good operations, and a satisfactory cash flow. In terms of market development,
2009 has been a challenging year, but for office properties the market seems to
be about to turn, and an improvement is expected going forward. The hotel market
lies slightly behind in the cycle, but the negative development is expected to
turn towards the end of 2010.
After the end of the Fourth Quarter the management has in co-operation with the
Board of Directors completed a thorough strategic review, and initiated a
process aiming to separate Norwegian Property into two, independent companies,
within office and hotel business respectively. Both the office and hotel
operations are to be further developed into leading market players in their
field. The goal is to create long-term value as fully integrated property
companies, focusing on the value drivers letting, property management,
development, transactions and financing."
contact ir & media
CEO Olav Line
Telephone: +47 48 25 41 49
Email: olav.line(at)norwegianproperty.no
CFO Svein Hov Skjelle
Telephone: +47 93 05 55 66
Email: svein.hov.skjelle(at)norwegianproperty.no
Director Investor Relations Elise Heidenreich-Andersen
Telephone: +47 95 14 11 47
Email: eha(at)npro.no
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1387189]
NPRO 4Q 2009 Presentation: http://hugin.info/136749/R/1387189/345569.pdf
NPRO 4Q 2009 Report: http://hugin.info/136749/R/1387189/345568.pdf
Unternehmensinformation / Kurzprofil:
Datum: 23.02.2010 - 08:00 Uhr
Sprache: Deutsch
News-ID 12828
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contact information:
Town:
Oslo
Kategorie:
Business News
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"Norwegian Property fourth quarter 2009: New strategic direction for Norwegian Property"
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