GRIVALIA PROPERTIES R.E.I.C.
Net profit of € 10.2m (increase 4%) in the 1st quarter of 2011 for Eurobank Properties REIC. Trading discount at 43% of NAV
Net profit for the period amounted to €10.2m for Eurobank Properties, an increase of 4% compared to the previous period.
A summary of the Company's operational results are as follows:
- Increase of the F.F.O by 4%.
- Increase of 2% in rental income due to the maturity of the investment in Tavros.
- Decrease of 5% in operating expenses to € 0.89m compared to € 0.94m in 2010 as a result of the continuous effort of management to reduce costs.
- Increase of 4% in operating profit to € 9.70m compared to € 9.37m in 2010.
- Increase of 61% in interest income to € 1.91m compared to € 1.19m in 2010 due to the increase in deposit rates.
- Increase of 143% in interest expense to € 1.05m compared to € 0.43m in 2010 due to the investment of Tavros and higher interest rates relating to our entities in Southeastern Europe.
Cash and short term deposits as at March 31, 2011 amounted to €166m. while outstanding loans amounted to €89m.
NAV as at March 31, 2011 slightly decreased to € 687m. or €11.27 (ex-dividend) per share compared to €11.49 as at December 31, 2010. The decrease is due to the final dividend paid out in April. Based on current share price the company is trading at approximately 43% discount.
A summary of the Company's operational results are as follows:
- Increase of the F.F.O by 4%.
- Increase of 2% in rental income due to the maturity of the investment in Tavros.
- Decrease of 5% in operating expenses to € 0.89m compared to € 0.94m in 2010 as a result of the continuous effort of management to reduce costs.
- Increase of 4% in operating profit to € 9.70m compared to € 9.37m in 2010.
- Increase of 61% in interest income to € 1.91m compared to € 1.19m in 2010 due to the increase in deposit rates.
- Increase of 143% in interest expense to € 1.05m compared to € 0.43m in 2010 due to the investment of Tavros and higher interest rates relating to our entities in Southeastern Europe.
Cash and short term deposits as at March 31, 2011 amounted to €166m. while outstanding loans amounted to €89m.
NAV as at March 31, 2011 slightly decreased to € 687m. or €11.27 (ex-dividend) per share compared to €11.49 as at December 31, 2010. The decrease is due to the final dividend paid out in April. Based on current share price the company is trading at approximately 43% discount.