23rd Sep 2025 10:39
(Alliance News) - Globalworth Real Estate Investments Ltd on Tuesday said it swung to a profit in the first half of 2025, with sector headwinds easing and the macroeconomic environment becoming "more predictable."
The real estate investor focused on Central and Eastern Europe reported pretax profit of EUR21.2 million for the six months to June 30, compared with a EUR65.1 million loss a year earlier.
Revenue fell to EUR115.7 million from EUR125.0 million, while net operating income decreased 7.4% to EUR67.0 million from EUR72.4 million.
The rise in profit despite lower revenue reflected sharply reduced fair value losses on investment property, which totalled just EUR1.7 million versus EUR50.5 million a year earlier, and the absence of a EUR24.1 million loss on a subsidiary disposal booked in the prior period.
Globalworth declared a dividend of 9 euro cents per share for the half year, down from 11 cents a year before. In March, it also paid a second interim dividend of 9 cents for the prior financial year.
Chief Executive Officer Dennis Selinas said the company has "grown in terms of core business resilience" and is better prepared for opportunities ahead after strengthening its debt profile and disposing of non-core assets.
"With many of the headwinds affecting the office sector now dissipating and a more predictable macroeconomic environment, our business is ready to capitalise on the challenges and opportunities that may unfold," Selinas said.
The firm's combined portfolio was valued at EUR2.6 billion at the half-year end, with occupancy at around 86% compared with 87% at December 31. Net rental income rose EUR1.9 million on a like-for-like basis, helped by rent indexation.
Shares in Globalworth were up 0.4% at EUR2.34 in London on Tuesday morning.
By Eva Castanedo, Alliance News reporter
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