HAMBURG (dpa-AFX) - Deutsche EuroShop (DUSCF.PK) reported that its consolidated profit for the first-quarter rose 10.6% to 27.5 million euros from 24.9 million euros last year. Earnings per share rose to 0.50 euros from 0.46 euros in the prior year.
Earnings before taxes and measurement gains/losses increased to 35.3 million euros from 32.7 million euros in the previous year.
'The main reasons for the improved result are the contribution from the Saarpark-Center - a new addition to the portfolio - and the lower interest expenses,' explained Olaf Borkers, Member of the Executive Board of Deutsche EuroShop. 'We also expect further potential for improvement with future refinancing arrangements at the current interest rate levels.'
Net operating income or NOI fell slightly by 0.3% to 45.8 million euros, while EBIT dropped 0.7% to 44.3 million euros due to acquisition costs for the Olympia Center.
Revenue in the first three months of 2017 totalled 50.7 million euros, which remained on par with the previous year.
Earnings per share calculated according to EPRA rose by 9.1% to 0.60 euros from 0.55 euros in the prior year. Funds from operations improved by 6.9% to 0.62 euros per share from 0.58 euros last year.
For the financial year 2017, the company now expects earnings before interest and taxes or EBIT of between 187 million euros and 191 million euros, revenue of 216 million euros and 220 million euros.
For 2017, it projects earnings before taxes (EBT), excluding measurement gains/losses, of between 145 million euros and 148 million euros; Funds from operations of 140 million euros and 143 million euros or 2.42 euros to 2.46 euros per share.
The company envisages paying a dividend of 1.45 euros per share for 2017.
Copyright RTT News/dpa-AFX