NPRO - STABLE OPERATIONS AND ESTABLISHMENT OF BASIS FOR LONG-TERM VALUE CREATION
(Thomson Reuters ONE) -
Norwegian Property ASA posted a profit before tax and fair value adjustments of
NOK 142.2 million in the second quarter of 2010, compared with a profit of NOK
114.8 million in the corresponding prior-year period. Gross rental income
amounted to NOK 443.4 million, which, adjusted for the sale of property,
corresponds to an increase of 0.3 per cent from the second quarter of 2009.
Operating profit before fair value adjustments totaled NOK 361.3 million,
compared with NOK 372.5 million in the three months ending 30 June 2009. Total
value adjustments for the property portfolio amounted to 0.4 per cent in the
quarter, which equates to NOK 115.3 million. The business property portfolio saw
positive fair value adjustments whereas the hotel portfolio had a minor negative
development. The profit before tax for the second quarter of 2010 amounted to
NOK 59.4 million, compared with NOK -439.5 million in the corresponding period
in 2009.
CEO Olav Line says in a comment:
"Norwegian Property posted a profit before tax in the second quarter. Operating
profit reflects a stable and good operation in the quarter for both the hotel-
and office-portfolios.
The market development in the second quarter confirms that the office market is
recovering. There are also positive signs in the hotel market confirming that a
recovery is underway.
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 was further reduced during the quarter, both as a
consequence of positive fair value adjustments and ordinary amortizations of
debt. Net Loan to Value (net interest bearing debt as a percentage of property
values) are reduced by 0.5 percentage points from 72.9 percent to 72.4 percent.
From the beginning of the year net Loan to Value has been reduced by 4.0
percentage points from 76.4 percent.
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#1438548]
NPRO 2Q Presentation:
http://hugin.info/136749/R/1438548/383047.pdf
NPRO 2Q 2010 Report:
http://hugin.info/136749/R/1438548/383048.pdf
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Source: Norwegian Property ASA via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 18.08.2010 - 08:11 Uhr
Sprache: Deutsch
News-ID 39771
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contact information:
Town:
Oslo
Kategorie:
Business News
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