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LONDON (Alliance News) - Residential and commercial property Phoenix Spree Deutschland Ltd said on Friday its profit for 2017 more than doubled due to a significant gain in investment property fair value.
The company reported a pretax profit of EUR138.5 million, more than doubling from EUR48.9 million the year before, as revenue rose to EUR18.1 million from EUR15.9 million.
This was mostly as a result of a EUR157.4 million gain on investment property fair value, compared to EUR55.6 million the prior year.
Phoenix Spree Deutschland said its portfolio value rose by 43.8% at EUR609.3 million from EUR423.8 million at the end of 2016.
Net asset value per share rose by 51% to EUR4.11, from EUR2.73 at the end of 2016.
Phoenix Spree Deutschland proposed a final dividend of 5.0 euro cents, taking its total dividend for 2017 to 7.3 euro cents, up from 6.3 euro cents the prior year.
"This year, we have made significant progress in focusing and growing the portfolio in Berlin, where we have an attractive pipeline of opportunities and where the market outlook remains positive, given the ongoing undersupply of rental property. With the portfolio now purely Berlin focused, I am confident that our strategy of managing the portfolio for growth, investing in the quality of our properties and selective acquisitions will continue to deliver further returns for our shareholders," said Chairman Robert Hingley.
Shares in Phoenix Spree Deutschland were up 0.4% a 363.32 pence on Friday.