LONDON (Alliance News) - Summit Germany Ltd posted figures Wednesday showing its profit for the first half of the year soared as it swung to a profit on revaluation from a loss a year before.
For the six months to June 30, the German commercial property investment company posted pretax profit up to EUR102.1 million from EUR14.1 million a year ago.
Summit Germany made a revaluation profit of EUR91.8 million versus a EUR3.8 million loss the year prior. Meanwhile, rental income increased 11% to EUR31.5 million from EUR28.4 million in the comparative period a year ago.
Net asset value per share increased 13% to EUR1.30 from EUR1.15 a year prior, while EPRA net asset value per share was up year-on-year to EUR1.41 from EUR1.23.
The company's total net asset value jumped to EUR605.0 million from EUR533.3 million the year before.
Summit Germany said it will publish its full interim results on September 26, in which it will provide commentary on the figures issued Wednesday.
Shares were trading up 1.4% at EUR1.17 each.