GRIVALIA PROPERTIES Α.Ε.Ε.Α.Π.
Net profit of euro 34.9m (decrease 0,24%) for the first nine months of 2009 for Eurobank Properties REIC. Trading discount at 31% of NAV.
Net profit for the period amounted to euro 34,9 m. for Eurobank Properties, a small decrease of 0,24% compared to the previous period in 2008.
A summary of the Company's financial figures are as follows:
- Increase of 9% in rental income. Revenue from rentals amounted to euro 30,6 m. compared to euro 28,1 m. in 2008.
- Increase of 16% in net rental income due to reduced management fees and property related expenses. Net revenue from rentals for the period amounted to euro 27,7 m. compared to euro 23,9 m. in 2008.
- Decrease of 24% in gains from fair value adjustment of investment properties to euro 5,9 m. from euro 7,8 m. in 2008 which reflects prevailing market conditions. The gain is mainly due to the amendment of the International Accounting Standards (IAS 40) applied by the Company which states that investment property under construction falls under the scope of IAS 40 and therefore measured at fair value.
- Decrease of 11% in interest income to euro 7,0 m. compared to euro 7,9 m. in 2008 due to the decrease in deposit rates.
The aforementioned developments resulted in an increase by 17% of the F.F.O. to euro 28,4 m. compared to euro 24,3 m. in 2008. This is mainly due to the growth in rentals and reduced company expenses.
Cash and short term deposits as at September 30, 2009 amounted to euro 163 m. while outstanding loans amounted to euro 77 m.
NAV as at 30 September 2009 amounted to euro 731 m. or euro 11.99 per share compared to euro 11.92 as at 30 September 2008. Based on current share price the company is trading at a 31% discount approximately.
A summary of the Company's financial figures are as follows:
- Increase of 9% in rental income. Revenue from rentals amounted to euro 30,6 m. compared to euro 28,1 m. in 2008.
- Increase of 16% in net rental income due to reduced management fees and property related expenses. Net revenue from rentals for the period amounted to euro 27,7 m. compared to euro 23,9 m. in 2008.
- Decrease of 24% in gains from fair value adjustment of investment properties to euro 5,9 m. from euro 7,8 m. in 2008 which reflects prevailing market conditions. The gain is mainly due to the amendment of the International Accounting Standards (IAS 40) applied by the Company which states that investment property under construction falls under the scope of IAS 40 and therefore measured at fair value.
- Decrease of 11% in interest income to euro 7,0 m. compared to euro 7,9 m. in 2008 due to the decrease in deposit rates.
The aforementioned developments resulted in an increase by 17% of the F.F.O. to euro 28,4 m. compared to euro 24,3 m. in 2008. This is mainly due to the growth in rentals and reduced company expenses.
Cash and short term deposits as at September 30, 2009 amounted to euro 163 m. while outstanding loans amounted to euro 77 m.
NAV as at 30 September 2009 amounted to euro 731 m. or euro 11.99 per share compared to euro 11.92 as at 30 September 2008. Based on current share price the company is trading at a 31% discount approximately.