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Finnish mall group Citycon narrows net loss, sees stable finances
Finland-based listed shopping centre group Citycon sharply narrowed its net loss for 2009 to E37m from a deficit of E139m in 2008, and also cut its 4Q09 loss by 32% to E24m. CEO Petri Olkinuora said net cash from operating activities and direct result per share were among the best in the company's history last year thanks to growth in rental income and lower interest costs. "Citycon's financial position is stable and we have sufficient committed, non-utilised credit facilities to finance projects under construction," he said. (See upcoming PIE editions for full story)