HAMBURG (dpa-AFX) - Retail real estate specialist Deutsche Euroshop saw its profit decline at the start of the year. For the first three months, net income fell by 10.7 percent to 28.4 million euros, the Hamburg-based company announced on Tuesday evening. The drop was attributed to higher interest expenses. Conversely, revenue rose by two percent year-on-year to 67.6 million euros. Earnings before interest and taxes (EBIT) reached 53.5 million euros, a 0.2 percent increase compared to the previous year. The share price remained largely unchanged.
'Our operational metrics developed according to plan in the first quarter, even though the economic environment continued to be characterized by subdued consumer sentiment and geopolitical uncertainties,' stated CEO Hans-Peter Kneip. He reaffirmed the full-year forecasts. A dividend of one euro per share will be proposed to the Annual General Meeting.
For the current fiscal year, Euroshop confirmed that earnings before interest and taxes (EBIT) are expected to range between 211 million and 219 million euros. Funds from Operations (FFO) are projected to reach 134 million to 142 million euros. Annual revenue is still anticipated to be between 269 million and 277 million euros. Deutsche Euroshop's portfolio includes the Main-Taunus-Zentrum near Frankfurt am Main and the Altmarkt-Galerie in Dresden./jha/he
