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LONDON (Alliance News) - Globalworth Real Estate Investments Ltd on Monday reported a significant improvement in earnings as a result of expansion in Poland.
The office investor said its combined portfolio value, consolidating Globalworth Poland, in which the company has a 73.7% holding, rose by 36% to EUR2.5 billion as at December 31, compared to EUR1.8 billion reported at the end of 2017.
Occupancy of the commercial standing portfolio was 95.1%, higher than 93.3% a year earlier. Like-for-like occupancy of the portfolio improved by 2.8% over the year.
As a result, net asset value per share grew 2.3% to EUR9.04 from EUR8.84 in December 2017.
Pretax profit jumped to EUR115.3 million from EUR26.2 million the year prior and revenue increased to EUR192.8 million from EUR77.9 million.
For 2018, the company declared dividend of EUR0.54 per share, an increase of 23% over EUR0.44 per share paid in 2017.
"The significant expansion of the group in late 2017 through its entry into Poland and subsequent further acquisitions had a positive impact on our 2018 financial results. Along with new leasing activity and the completion of developments in Romania, this produced a strong uplift in our earnings," Globalworth said in the statement Monday.
Globalworth shares were trading 0.9% higher on Monday at EUR8.30 each.