NPRO - SEPARATION, INDUSTRIALISATION AND REDUCED FINANCIAL RISK
(Thomson Reuters ONE) -
Norwegian Property ASA posted a profit before tax and fair value adjustments of
NOK 125.5 million in the first quarter of 2010, compared with a profit of NOK
133.1 million in the corresponding prior-year period. Gross rental income
amounted to NOK 428.3 million, which, adjusted for the sale of property,
corresponds to a decrease of 2.6 per cent from the first quarter of 2009.
Operating profit before fair value adjustments totalled NOK 359.8 million,
compared with NOK 376.9 million in the three months ending 31 March 2009. Total
value adjustments for the property portfolio amounted to 0.2 per cent in the
quarter, which equates to NOK 47.2 million. Both the hotel and commercial
property portfolio recorded value increases during the quarter. The profit
before tax for the first quarter of 2010 amounted to NOK 54.4 million, compared
with NOK -933.9 million in the corresponding period in 2009.
CEO Olav Line says in a comment:
"Norwegian Property posted a profit before tax in the first quarter. Operating
profit reflects a stable and good operation in the quarter. Both the hotel and
office-portfolios recorded positive value adjustments.
The market development in the first quarter confirms that the office market is
recovering. We are also starting to see signs that the hotel-market is turning.
The volcano on Island may temporarily impact the market negatively.
The work to separate the company into two independent companies for the
respective office and hotel businesses is continuing. At the same time we are
gradually transforming both the hotel and office businesses into fully
integrated property companies with in house competence on both development and
property management.
The group's leverage has been significantly reduced during the quarter, both as
a consequence of the equity issue, positive fair value adjustments and ordinary
amortizations of debt. Loan to Value (loan as a percentage of property values)
are reduced by 4.2 percentage points from 77.7 percent to 73.5 percent
(proforma).
contact ir and media
CEO Olav Line
Phone: +47 48 25 41 49
E-mail: olav.line(at)norwegianproperty.no
CFO Svein Hov Skjelle
Phone: +47 93 05 55 66
E-mail: svein.hov.skjelle(at)norwegianproperty.no
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1411337]
NPRO 1Q 2010 Report: http://hugin.info/136749/R/1411337/363714.pdf
NPRO 1Q 2010 Presentation: http://hugin.info/136749/R/1411337/363715.pdf
Unternehmensinformation / Kurzprofil:
Datum: 04.05.2010 - 08:12 Uhr
Sprache: Deutsch
News-ID 20198
Anzahl Zeichen: 0
contact information:
Town:
Oslo
Kategorie:
Business News
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