28th Feb 2014 09:44
LONDON (Alliance News) - Shopping centre investors Intu Properties PLC Friday reported an increase in profit and revenue for the full year, boosted by revaluation gains.
The company, which owns the Trafford Centre In Manchester, posted pretax profit of GBP362.9 million for 2013, up from GBP152.6 million in 2012, as revenue rose to GBP533.2 million from GBP525.7 million.
Intu said it benefited from an increase in the valuation gain of GBP126 million compared to a GBP41 million loss a year earlier and an increase in the credit arising from the change in fair value of its financial instruments of GBP275 million, up from GBP31 million in 2012.
The firm said net rental income margin held at 87% while gross rental income rose slightly to GBP448 million from GBP442 million. However, removing acquisitions like-for-like net rental income fell due to the impact of tenant administrations.
During the period the company acquired a number of properties including Midsummer Place in Milton Keynes for GBP250 million and Parque Principado, a large shopping centre in northern Spain, for GBP145 million.
Overall, Intu now has 18 million square feet of retail, catering and leisure space, valued at GBP7.6 billion at the end of 2013.
The company said its adjusted and diluted net asset value fell slightly to 380 pence from 392 pence.
The diluted and adjusted figure is calculated to reflect any unrecognised surplus on trading properties, to remove the fair value of derivatives, and to remove goodwill resulting from the recognition of deferred tax liabilities.
Intu declared an unchanged final dividend of 10.0 pence, making a total dividend of 15.0 pence.
The stock was trading at 328.70 pence Friday morning, up 1.90 pence or 0.6%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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