Cofinimmo maintains dividend, results forecast

BRUSSELS Nov 16 (Reuters) - Belgian property investment group Cofinimmo (COFB.BR) on Monday maintained its dividend and results forecast after rental income and operating margin rose in the first nine months.

The company has forecast a net current profit in 2009 of 7.40 euros per share and a dividend of 6.50 euros per share, compared to 7.80 euros per share for 2008.

The Brussels-based group, which rents out office space to businesses and government institutions, said the occupancy rate remained above 97 percent while its operating margin saw a 1.15 percent improvement.

Its net current result for the January to September period, rose 4.9 percent to 5.78 euros ($8.66) per ordinary share against 5.51 euros for the same period in 2008.

This excluded non-recurring elements and adjustments in the value of financial instruments such as interest rate swaps.

Cofinimmo said the fair value of its property portfolio slightly decreased during the three-month period, recording a total reduction over the first 9 months of 2009 amounting to 1.82 percent.

"The decline in fair value of the portfolio has prompted the company to significantly bolster its financial resources so as to meet its investment commitments whilst preserving a sound balance sheet structure," the company said in a statement.

The firm said it had sold some of its own shares and lease receivables to banking institutions for a total of 369 million euros and also issued a five-year bond for 100 million to cover its entire investment financing requirements until June 2011. ($1=.6677 euros) (Reporting by Bate Felix; Editing by Greg Mahlich)