(Alliance News) - Globalworth Real Estate Investments Ltd on Tuesday reported a modest increase in revenue and a narrowed pretax loss at the half-year stage.
The investor in real estate in Central and Eastern Europe said revenue in the six months to June 30 rose 2.6% to EUR1.20 billion, from EUR1.17 billion the year before, while its pretax loss narrowed to EUR44.3 million from EUR45.7 million.
The firm said its total combined portfolio value decreased by 2.5% to EUR3.1 billion, mainly due to revaluations and disposals, while the average occupancy of the portfolio of 85.5% was marginally lower than 85.6% a year ago.
Total annualised contracted rent increased by 6.8% to EUR202.2 million at the year-end, while like-for-like annualised commercial contracted rents in the standing commercial portfolio rose by 5.4% to EUR191.0 million.
EPRA earnings decreased by 0.4% to EUR34.2 million from EUR34.3 million, due to higher administrative costs and higher income tax expense than the previous year.
Shares in Globalworth Real Estate closed 1.2% higher at EUR2.64 in London on Tuesday.
By Jeremy Cutler, Alliance News reporter
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Globalworth (GWI)