(Alliance News) - Globalworth Real Estate Investments Ltd said Thursday its profit rose in the first half of 2019 on revenue growth and a higher portfolio value.
The Europe-focused office property investor reported pretax profit of EUR88.0 million for the six months to June 30, up 38% from EUR64.0 million the year before, coming from an increase in the fair value gain on investment properties to EUR49.0 million from EUR38.6 million.
Revenue grew by 33% to EUR103.8 million from EUR78.1 million, as rental income increased to EUR71.8 million from EUR53.3 million, driven by contributions from Polish properties acquired in January 2018, as well as completed developments in Romania.
As at June 30, Globalworth reported a net asset value per share of EUR8.48, up from EUR8.19 at the end of 2018. The company total portfolio value at the end of June stood at EUR2.74 billion, up 25% from EUR2.19 billion the same date the prior year, and 11% higher from EUR2.46 billion as at December 31.
Globalworth Real Estate paid an interim dividend of 30 euro cents per share, up from 27 cents the year before.
"We are proud of our achievements in the first half of 2019, notably the further expansion of our portfolio, our robust operating metrics, and the strong increase in our financial results," said Deputy Chief Executive Dimitris Raptis.
"The team continues to deliver on our ambitious objectives, while seeking to consolidate Globalworth's position as the leading office landlord in Central & Eastern Europe," Raptis added.
Shares in Globalworth Real Estate were untraded on Thursday, last quoted at EUR9.60 in London.
Globalworth (GWI)