Wereldhave Swings To 1Q Net Loss, On Lower Occupancy Rate
12 May 2009 - 4:59PM
Dow Jones News
Real estate company Wereldhave N.V.(WHA.AE) Tuesday said it
swung to a net loss in the first quarter of 2009, hit by a sharply
decreased occupancy rate and write-downs on real estate, and gave
no outlook for the rest of the year.
It reported a net loss of EUR1.5 million, or net loss per share
of EUR0.16, after a net profit of EUR38.2, or net profit per share
of EUR1.73, a year ago.
Direct operational result for the quarter amounted to EUR28.1
million from EUR27.4 million in the first quarter of 2008. Analysts
had predicted an average direct result of EUR25.8 million.
The indirect loss, including property revaluations and results
on disposals, was EUR29.6 million from an indirect profit of
EUR10.8 million a year earlier.
The occupancy rate decreased in the first quarter from 2009 to
89.6% from 94.7% end-2008, mainly due to vacancies at two office
buildings in Paris and Washington DC.
Wereldshave's investment portfolio amounted to EUR2,657.6
million from EUR 2,646 million in the first quarter of 2008.
Wereldhave shares closed Monday at EUR55.59. In the year to date,
they have lost 11.75%.
Company Web site: www.wereldhave.com
-By Bart Koster; Dow Jones Newswires; +31 20 571 5201;
bart.koster@dowjones.com