Corio Profit Up On Acquisition, Sees 2011 Profit Slightly Up
February 17 2011 - 11:47AM
Dow Jones News
Dutch real-estate company Corio NV (CORA.AE) Thursday reported
an increase in fourth-quarter profit as a large acquisition helped
to boost rental income, and said it expects a slight improvement in
its direct result.
The Utrecht-based company, one of Europe's biggest listed
investors in shopping malls, said its fourth-quarter direct
result--rental income minus taxes and operating and administrative
expenses--rose to EUR63.4 million from EUR56.3 million in the same
period a year earlier.
Investors watch this figure closely, as it is used to calculate
dividend payments.
Corio said it intends to pay a dividend of EUR2.69 a share,
EUR0.04 more than in the year prior.
Profit was helped by last year's acquisition of a EUR1.3 billion
real-estate portfolio that included four shopping centers in
Germany, Spain and Portugal.
Corio competes with Franco-Dutch rival Unibail-Rodamco SA
(UL.FR) and Netherlands-based Wereldhave NV (WHA.AE). Its biggest
tenants include food and fashion retailers such as Royal Ahold NV
(AH.AE), Hennes & Mauritz AB (HM-B.SK) and Inditex SA
(ITX.MC).
Corio published its results after the local market closed.
Thursday, it ended trading up 0.1% at EUR49.03 in an Amsterdam
market up 0.4%.
An ING analyst said in a first reaction Corio's results were in
line with expectations.
-By Archibald Preuschat, Dow Jones Newswires; +31 20 5715 218;
archibald.preuschat@dowjones.com