Listed CEE shopping centre specialist Atrium European Real Estate reported a rise in both rental income and net operating profits for the first three months of 2013.
Listed CEE shopping centre specialist Atrium European Real Estate reported a rise in both rental income and net operating profits for the first three months of 2013.
Gross rental income during the first three months of the year rose 4.1% compared to the first quarter of 2012 to reach €50.6 mln. Net rental income increased year-on-year by a slightly higher percentage of 4.4% to €47.2 mln during the same period.
Earnings on an EBITDA basis posted a year-on-year increase of 6.1% to reach €40 mln. But pre-tax profits fell to €33 mln - down from €49.2 mln in Q1 2012 - due to the effect of largely unrealised, non-cash, foreign exchange losses of €22.6m.
The first-quarter statement also reported a rise in the company’s operating margin to 93.4%. The first quarter of 2012 saw the operating margin total 93.1%.
Atrium CEO Rachel Lavine said the results show the company’s resilient growth in difficult circumstances. ‘While we remain very mindful of the wider macroeconomic situation across Europe, given the quality of our portfolio and expertise of our team, I continue to believe that we are well placed to achieve our aims,’ she said.
Last month saw the company successfully place a €350 mln bond in its first unsecured issue.
