Deutsche EuroShop first quarter boosted by special effects

Hamburg-based listed shopping centre investor Deutsche EuroShop posted a 16% rise in funds from operations in the first quarter, to e0.37. Consolidated profit jumped to e24.4m from e10.2m in 1Q08, and earnings per share was also strongly higher, at e0.71 after e0.30. Within the EPS result however, e0.31 resulted from operating profit and e0.40 from measurement gains due to a special effect related to the first full consolidation of the City-Point Kassel mall, and to unrealised currency gains of e14.6m from the depreciation in the Polish zloty and Hungarian forint. Revenue rose 18% to e32m, with full consolidation of the Kassel centre contributing more than in the past. In addition, the two malls opened in Hameln and Passau in 2008 also contributed to revenue growth. Like for like, revenues rose 2.0%. The group had total assets at end March of e2.1bn, with liabilities at just over e1bn. (Full story to appear in PFE 121 published on 18 May)