LUXEMBOURG (dpa-AFX) - Aroundtown SA (AT1.DE), a real estate company, on Wednesday posted a decline in Funds from Operations or FFO for the first-half, reflecting higher finance expenses and perpetual note attribution.
However, the company revised up its full-year FFO outlook.
For the six-month period to June 30, the company posted FFO I of 154.1 million euros or 0.14 euro per share, lower than 175.3 million euros or 0.16 euro per share, recorded for the same period last year.
FFO I evaluates operational recurring profits of a real estate firm.
FFO II also dropped to 160.6 million euros from prior year's 202.8 million euros.
FFO II evaluates operational recurring profits, including the impact from disposal activities.
Net loss narrowed to 325.2 million euros or 0.30 euro per share from a loss of 1.039 billion euros or 0.95 euro per share in 2023, mainly on the negative property revaluations.
Loss before tax stood at 316.7 million euros versus previous year's loss of 1.500 billion euros.
Excluding items, EBITDA was 502.1 million euros, down from last year's 497.5 million euros.
Operating loss stood at 170.9 million euros, compared with a loss of 1.368 billion euros a year ago.
Finance expenses widened to 119.6 million euros from last year's 105.4 million euros.
Revenue was 770.8 million euros, down from prior year's 815.3 million euros.
Net rental income stood at 588 million euros, compared with 596 million euros last year. The decline reflected net disposals, mostly offset by operational growth as reflected in the like-for-like rental growth of 2.9 percent.
Looking ahead, citing a strong first-half performance and more positive outlook, the company now expects its annual FFO I in a range of 290 million euros to 320 million euros against prior guidance of 280 million euros to 310 million euros.
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