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(Alliance News) - Globalworth Real Estate Investments Ltd on Friday said it swung to profit in 2021, thanks to a reduced fair value loss on its investment property portfolio.
The Guernsey-based company invests in office properties in central and eastern Europe, with a portfolio in Poland and Romania.
It reported pretax profit of EUR62.1 million last year, compared to a loss of EUR30.5 million in 2020.
Globalworth recorded a fair value loss on investment property of just EUR5.7 million, compared to EUR116.2 million in 2020.
Revenue slipped slightly by 1.7% to EUR219.4 million in 2021 from EUR223.3 million, with higher expenses driving net operating income down 8.3% to EUR144.3 million from EUR157.3 million.
Shares in Globalworth were down 5.1% to EUR5.58 in London on Friday morning.
Total combined portfolio value rose 3.9% to EUR3.2 billion as of December 31. Preliminary EPRA net reinstatement value was EUR1.9 billion, or EUR8.66 per share at December 31, a slight decrease from EUR8.68 a year before.
Globalworth said this was partly due to the payout of dividends in 2021 of EUR0.30 per share. It made no comment about dividend plans for 2022.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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