Deutsche EuroShop Q1 FFO Rises

German-based international real estate investment company Deutsche EuroShop AG (DUSCF.PK) reported that its first quarter funds from operations adjusted for measurements and special effects were 31.3 million euros, which was 39.1% above the prior-year level.

Consolidated profit was 24.5 million euros up from 22.3 million euros in the previous year.

Earnings before taxes and measurement gains/losses climbed by 40.8% to 33.4 million euros, while EPRA earnings were up by 35.5% to 31.3 million euros.

Quarterly net operating income grew 24.0% year-over-year to 40.4 million euros; EBIT rose 24.9% year-over-year to 39.3 million euros, due to the recognition of significantly lower write-downs on rental receivables.

Quarterly revenue increased 0.3% year-over-year to 52.1 million euros from the prior year.

CFO Olaf Borkers said,"We are confident that 2022 will be impacted by the coronavirus pandemic to a much lesser extent. We expect 2022 to be a transition year on the way to a new normal - operationally as well as in terms of how we deal with the coronavirus. Reliable forecasts are hard to make, however, given the uncertainty caused by the war in Ukraine."

For the current financial year, the company expects FFO of 1.95 euros to 2.05 euros per share.

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