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Dutch Corio's 2008 results largely flat, cancels e948m in projects
Dutch shopping centre REIT Corio posted steady 2008 operating profit and forecast a similar result for 2009, while also delaying and cutting e948m in projects in response to the economic crisis. Operating profit, or rental income minus expenses, grew 0.5% to e204.1m in 2008, with net rental income up 13.9% to e38.8m. The property portfolio lost 6.5% in value to e6.04bn, principally due to negative revaluations of e451.7m. "In light of the current financial and economic situation, Corio is carefully reviewing its pipeline, where possible renegotiating and/or deferring projects," it said.