16th Sep 2020 10:10
(Alliance News) - Globalworth Real Estate Investments Ltd on Wednesday reported a swing to a loss for the first half of 2020 despite revenue growth, due to negative revaluations as a result of Covid-19.
The Europe-focused office property investor reported a pretax loss of EUR46.1 million compared with profit of EUR88.0 million the year before, following a fair value loss on investment properties of EUR92.0 million versus a gain of EUR49.0 million.
Revenue meanwhile rose by 9.9% to EUR114.0 million from EUR103.8 million, as rental income rose by 13% to EUR81.2 million from EUR71.8 million the prior year, driven by Polish contributions acquired in January 2019 and income from Globalworth Campus Tower.
As at June 30, Globalworth reported a net asset value per share of EUR8.80, down 5.4% from EUR9.30 at the end of December. The company's total portfolio value at the end of June stood at EUR3.00 billion, down 1.1% from the end of December.
"2020 has been a year of significant challenges, with a first quarter full of optimism and strong performance coming to an abrupt halt in March due to the Covid-19 pandemic. However, since the very early days of the pandemic we have taken measures in Poland and Romania, aimed at ensuring not only the maximum possible protection for all parties concerned, but also business continuity and long-term viability," said co-Chief Executive Officer Dimitris Raptis.
Shares in Globalworth Real Estate Investments were down 0.4% at EUR4.98 on Wednesday in London.
By Dayo Laniyan; [email protected]
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