Dutch property company Wereldhave NV (WHA.AE) Wednesday said it swung to a profit in the first quarter as the value of its property portfolio recovered, but a slight improvement in rental income was offset by a drop in revenue from outside the euro area due to exchange-rate fluctuations.

The company, which has properties across Europe and in the U.S., said it wasn't yet prepared to forecast its performance in 2010 as it will depend on the occupancy rates at its offices and movements in exchange rates and interest charges.

"Under difficult circumstances we have succeeded in further improving the occupancy rate of the offices portfolio, although in Belgium and in the United Kingdom we had to accept lower rents," Chief Executive Hans Pars said.

The company added that its recent purchase of the Koningshoek shopping center had continued its strategy of expanding its retail holdings to between 50% and 60% of its total portfolio.

Wereldhave said it earned EUR0.50 a share in the first quarter, compared with a loss of EUE0.16 a share a year earlier. Revenues rose to EUR54 million, from EUR53.6 million, while net rental income was EUR36.4 million, compared with EUR36.3 million. However, the main reason for the return to a profit was a negative EUR12.14 million valuation result compared with a negative EUR31.8 million result a year earlier.

Net asset value per share was EUR75.19, up from EUR73.77.

-By Steve McGrath, Dow Jones Newswires; 44-20-7842-9284; steve.mcgrath@dowjones.com
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