Shopping center investor Deutsche Euroshop AG (DUSCF.PK) Wednesday posted first-quarter consolidated profit of 20.1 million euros, up 22% from 16.5 million euros in the prior year.
Funds from operations rose 11 percent to 0.50 euros per share from 0.45 euros per share. Earnings per share were 0.40 euros, up 18 percent from 0.34 euros.
EBIT climbed 10 percent to 37.3 million euros from 33.8 million euros in the same period last year.
Revenue increased 10 percent to 42.4 million euros from 38.6 million euros.Shortly after the end of the reporting period, Deutsche EuroShop increased its shareholding in the Altmarkt-Galerie Dresden to 100% by acquiring the remaining 33% of shares from its long-term co-investor. The investment volume amounts to some EUR132 million including proportionate liabilitiesassumed in the amount of EUR62 million.
Following this acquisition of additional shares in the Altmarkt-Galerie Dresden, the Board of Directors has adjusted its forecast for financial year 2013 and now anticipates revenue of between 186 million euros and 189 million euros. Previously, the company expected revenue of 170 million euros and 173 million euros.
Funds from operations or FFO per share is unchanged at between 1.99 euros and 2.03 euros.
The company expects to pay a dividend of at least 1.20 euros per share once again in 2013.
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