NPRO 1Q 2015: GROWTH IN RENTAL INCOME AND INCREASED PROPERTY VALUES
The major development projects are nearing completion, and many tenants moved into their new premises during the first quarter of 2015. Overall rental income rose from NOK 181.1 million in the same period of last year to NOK 200 million. The rise was 20.1 per cent when the sale of Finnestadveien 44 and Maridalsveien 323 is taken into account. Operating profit before fair-value adjustments came to NOK 152.9 million. Profit before tax and fair-value adjustments was NOK 51 million.
Positive fair-value adjustments for investment properties totalled NOK 101.2 million, while positive fair-value adjustments for financial derivatives came to NOK 47.6 million. After NOK 54.7 million in tax expense, net profit for the period came to NOK 145 million. That yielded ordinary earnings per share (EPS) of NOK 0.26 for the first quarter. Carried equity per share came to NOK 9.91 at 31 March, up from NOK 9.65 at 31 December 2014 (Epra NAV: NOK 11.20 and Epra NNNAV: NOK 10.37 at 31 March 2015).
Webcast link:
http://webtv.hegnar.no/presentation.php?webcastId=20160030
For further information, please contact:
Olav Line, CEO
Telephone: +47 482 54 149
Email: ol@npro.no
Svein Hov Skjelle, CFO
Telephone: +47 930 55 566
Email: shs@npro.no
This information is subject of the disclosure requirements according to §5-12 of the Norwegian Securities Trading Act (’Verdipapirhandelloven’).
Norwegian Property is a focused and fully integrated office property company with 39 properties located in the Oslo area and Stavanger in Norway. The portfolio, which has a total fair value of NOK 16.2 billion, is characterized by central location and attractive premises high quality tenants. The group’s properties consist largely of office premises, associated warehousing and car parking, as well as retail and catering space. The company has identified four value drivers for long-term value creation; Marketing & letting, Property management, Property development and Transactions & finance.
Norwegian Property is listed on Oslo Stock Exchange with the ticker NPRO.
www.npro.no