PARIS (dpa-AFX) - Covivio SA (COV.PA) on Monday turned to profit in the first half of 2025, helped by higher revenues and improved occupancy rates. The company also lifted its fiscal 2025 recurring net result outlook.
The French real estate company posted net income of 341.4 million euros in the first half of the year, compared to loss of 8.4 million euros in the same period last year. Pre-tax income was 387.5 million euros during the first six months, compared to pre-tax loss of 12.6 million euros in the previous year.
During the six-month period, recurring net result climbed 14 percent to 263.2 million euros from 230.8 million euros in the year-ago period. On a per share basis, recurring net result was up 6 percent to 2.38 euros from 2.24 euros in fiscal 2024.
The company's half-year revenue rose 9 percent to 355.7 million euros from 326.8 million euros in the prior-year period. Occupancy rate was 97.3 percent during the period, higher than last year's 97.1 percent.
Looking ahead, Covivio said that it has raised its recurring net result or Adjusted EPRA earnings outlook for fiscal to be around 515 million euros from the earlier given 495 million euros. This is an increase of approximately 8 percent from last year and a 4 percent rise on a per share basis.
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