Summit Germany Profit Doubles, Net Asset Value Growth Strong

LONDON (Alliance News) - Property investment firm Summit Germany Ltd said Tuesday both rental income and net asset value increased sharply in 2017, while profit doubled.

Summit Germany's net asset value per share increased to EUR1.23 in 2017 from EUR1.00 the year before. EPRA total net asset value reached EUR466.3 million, up 23% year-on-year.

Rental income was up 5.8% to EUR60.5 million, and funds from operations rose 4.6% to EUR36.5 million. Pretax profit doubled to EUR128.7 million from EUR63.9 million, and earnings before interest, tax, depreciation, and amortisation increased 94% to EUR146.0 million.

The year's full results will be released on April 26.

Shares in the company were up 1.8% on Tuesday at a price of EUR1.14 each.