Unibail-Rodamco revenue up 2.7, beats profit targets

PARIS Tue Feb 4, 2014 12:21pm EST

PARIS Feb 4 (Reuters) - Unibail Rodamco, Europe's biggest property group, said on Tuesday its 2013 rental income rose 2.7 percent, as stronger revenues from well-positioned shopping malls helped meet profit targets despite the region's weak economic recovery.

The real-estate group, which mostly invests in large shopping malls across Europe, said net rental income rose to 1.35 billion euros, compared to 1.28 billion euros in 2012, while its net profit rose 11.2 percent to 986 million euros.

Unibail's recurring earnings per share for 2013 were 10.22 euros. The 6.5 percent year-on-year growth was higher than its guidance of at least 5 percent, helped by strong leasing performance and a record low cost of debt.

Unibail expects recurring earnings per share to grow by at least 5 percent in 2014.

Analysts on a mean estimate expected Unibail's 2013 net income to come at 967.34 million euros ($1.31 billion), according to Thomson Reuters I/B/E/S.

($1 = 0.7397 euros) (Reporting by Maya Nikolaeva)