TRV.L Share News (TRV)

German retail-focused real estate investment company Treveria saw its adjusted net asset value (NAV) per share surge in 2010, a year it described as one of internal restructuring.Adjusted NAV rose 56% to €0.54 per share at the end of 2011 from 34.6 cents a year earlier.Adjusted profit before tax tumbled to €5.6m, however, from €13.3m the year before.Gross rental income slipped to €124.3m from €145.1m in 2009.At 31 December 2010 the parent company held cash balances of €49.2m, down from €82.7m at the end of 2009."2010 was a positive year in terms of Treveria's restructuring and the ongoing stabilisation of the company. With an enlarged asset management function now centralised in Germany, we are able to more professionally manage our lettings, sales and major refurbishment programmes and expect to see some significant benefits from these during 2011," said Rolf Elgeti, non-executive chairman of Treveria.---jh