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Sirius Real Estate H1 FFO, Revenue Rise

Sirius Real Estate (SRE.L) Monday reported Funds from Operations or FFO of 48.5 million euros or 4.15c per share for the first six months, higher than 33.0 million euros or 3.14c per share for the same period in the prior year.

Higher FFO reflected higher depreciation and amortisation.

Profit before tax for the period was 75.73 million euros, lower than 78.18 million euros in the same period a year ago.

Net profit, however, increased to 70.01 million euros or 5.92c per share from 67.74 million euros or 6.33c per share in the previous year, due to lower tax in the latest period.

Excluding one-time items, adjusted earnings were 43.29 million euros or 3.66c per share compared with 30.86 million euros or 2.88c per share last year.

Revenue for the period increased 47.7% to 130.56 million euros from 88.35 million euros last year.

The company's Net asset value per share rose to 103.9c from 102.04c a year ago.

Further, Sirius increased its dividend to 2.7c per share for the first half from 2.04c per share last year, driven by increase in rent roll in Germany as well as the positive contribution from the BizSpace acquisition. The dividend is to be paid on January 19, to shareholders on the register as on December 9.

Looking forward, the company said it expects to trade in line with consensus and management expectations for the full year.

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