Belgium鈥檚 Befimmo reported a net profit of EUR 12 mln in the third quarter following a limited decline in the fair value of its properties of EUR 8 mln. Despite the improved third-quarter performance, the Brussels-based company booked a net loss of EUR 37.4 mln over the first nine months of the 2008/2009 fiscal year, reflecting the devaluation of the property portfolio by EUR 58.3 mln, or 3.06% of the total value.
Belgium鈥檚 Befimmo reported a net profit of EUR 12 mln in the third quarter following a limited decline in the fair value of its properties of EUR 8 mln. Despite the improved third-quarter performance, the Brussels-based company booked a net loss of EUR 37.4 mln over the first nine months of the 2008/2009 fiscal year, reflecting the devaluation of the property portfolio by EUR 58.3 mln, or 3.06% of the total value.
In the same period a year ago, the company booked a net profit of EUR 66.7 mln. Excluding devaluations, net profit would have totaled EUR 54.4 mln as of 30 June 2009 compared to EUR 50.8 mln a year ago. At end-June 2009, the portfolio was valued at EUR 1,846 mln compared to EUR 1,889 mln a year ago.
The occupancy rate of the entire portfolio as of 30 June 2009 fell to 94.11% compared with 97.3% on 30 September 2008. Excluding the Imp茅ratrice building, which is currently under renovation, the occupancy rate would have totaled 96.27%.
The EUR 159.6 mln proceeds of the capital increase completed at end-June has reduced the company鈥檚 leverage to 43.91%. Befimmo said it now has the means 鈥榯o take any new appropriate investment opportunities that are in line with its strategy鈥�.
