UPDATE: Wereldhave Posts 1Q Net Loss; Lower Occupancy Rate
12 Maggio 2009 - 12:46PM
Dow Jones News
Real estate company Wereldhave NV (WHA.AE) Tuesday said it swung
to a net loss in the first quarter, hit by a lower occupancy rate
and write-downs on property, and gave no outlook for the rest of
the year.
"Wereldhave is not yet forecasting the results for the year
2009," the company said in a statement.
It reported a net loss of EUR1.5 million, or EUR0.16 per share,
compared to a net profit of EUR38.2 million, or EUR1.73 per share,
a year ago.
Its direct operational result for the quarter climbed to EUR28.1
million from EUR27.4 million in the same period a year ago, caused
mainly by lower interest expenses.
Analysts had predicted an average direct result of EUR25.8
million.
The indirect loss, including property write-downs of EUR31.8
million, or 1.2% of the portfolio value, was EUR29.6 million
compared to an indirect profit of EUR10.8 million a year
earlier.
The occupancy rate decreased in the first quarter fell to 89.6%
from 94.7% at the end of 2008, mainly due to vacancies at two
office buildings in Paris and Washington, D.C.
Wereldhave, which rents offices, shopping centers, industrial
and residential real estate, did not buy or sell any real estate
during the first quarter.
Net rental income for the quarter fell EUR400,000 to EUR36
million.
The company expects property values to fall further in the rest
of 2009.
Wereldhave's investment portfolio edged up to EUR2.66 billion
from EUR2.65 billion in the first quarter of 2008.
"Wereldhave's figures are flattered by good financial results,
mainly thanks to historic low interest rates," said analyst Miriam
Wijnands at Fortis Bank Netherlands. "But the underlying result is
worse than expected, with lower than expected occupancy rates and
rental income," she added. She maintains a hold rating and EUR53
target price.
Petercam analyst Pieter van der Meijden said rental income was
higher than expected. He said that the write-downs on the portfolio
were not as bad as he expected. "As it was also significantly
better than in the fourth quarter we believe this could imply
negative revaluation is bottoming out," he said. He maintains an
add rating and EUR79.35 price target.
At 1000 GMT, Wereldhave shares traded up EUR1.80, or 3.2%, at
EUR57.40.
Company Web site: www.wereldhave.com
-By Bart Koster; Dow Jones Newswires; +31 20 571 5201; bart.koster@dowjones.com