PARIS (dpa-AFX) - French commercial real estate company Unibail-Rodamco-Westfield SE (UNBLF), Thursday reported result before tax of 1.771 billion euros loss for the full year compared with a profit of 351.2 million euros last year, primarily due to higher valuation losses on assets.
Valuation losses on assets was 2.485 billion euros for the latest year, an increase from 1.514 billion euros in the prior year.
Earnings before interest, taxes, depreciation, and amortization or EBITDA declined to 2.1993 billion euros from 2.209 billion euros in the previous year.
The company said that EBITDA increased by 6.7% on a like-for-like basis, and was back to pre-COVID level of 2019.
Net result was 1.629 billion euros loss versus profit of 178.2 million euros a year ago. Recurring net result, however, increased to 1.409 billion euros from 1.339 billion euros a year ago.
Excluding one-time items, adjusted recurring earnings were 1.337 billion euros, up from 1.291 billion euros last year.
EPRA recurring earnings per share increased 5 percent to 10.14 euros, and adjusted recurring earnings per share rose 3.3 percent to 9.62 euros.
Net rental income increased marginally to 1.793 billion euros from 1.776 billion euros in the previous year.
Additionally, the company plans to propose a cash distribution of 2.50 euros per share to be paid on May 16.
For fiscal 24, Unibail-Rodamco expects adjusted recurring earnings per share to be in the range of 9.65 euros- 9.80 euros.
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