(Alliance News) - Globalworth Real Estate Investments Ltd on Tuesday reported a profit in the first half, improved from a loss the year before, on a sharp drop in fair value investment losses.
In the six months to June 30, the Guernsey-based real estate investment company swung to a pretax profit of EUR18.9 million from a loss of EUR46.1 million a year before.
The firm booked a fair value loss on investment properties of EUR14.7 million, down sharply from EUR92.0 million a year before.
Revenue slipped to EUR108.1 million from EUR114.0 million. As a result, net operating income fell to EUR72.2 million from EUR79.6 million.
Globalworth's total combined total portfolio value increased 1.3% to EUR3.1 billion - with the growth attributed to new acquisitions.
Like-for-like appraised value of standing commercial properties remained effectively unchanged at EUR2.7 billion.
Total annualised contracted rent increased by 1.0% to EUR185.2 million.
Preliminary EPRA net reinstatement value ended June 30 at EUR8.61 per share, down from EUR8.68 at the end of 2020.
Shares in Globalworth Real Estate Investments were down 2.2% in London on Tuesday morning at EUR5.84 each.
By Paul McGowan; paulmcgowan@alliancenews.com
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Globalworth (GWI)