* 2013 EBITDA rises by a fifth to 296 million euros
* Net profit falls 13.5 percent to 48.3 million
* Proposes raising dividend to 0.40 euros per share
(Adds details and background)
VIENNA, March 18 Austrian real estate group CA
Immobilien reported record 2013 net rental income and
core profit that rose by a fifth, proposing on Tuesday to raise
its dividend by two cents to 0.40 euros per share.
Net rental income rose 2 percent to 251 million euros ($349
million), while income from the sale of properties nearly
doubled to 75.5 million.
Earnings before interest, tax, depreciation and amortisation
(EBITDA) advanced to 296 million euros and EBIT rose nearly 10
percent to 255 million, in line with the average estimate in a
Reuters survey of analysts.
The company's net asset value was 1.80 billion euros as of
the end of 2013, up 6.2 percent year on year.
CA Immo is disposing of major assets to boost its equity and
reduce its loan-to-value ratio.
Last year it agreed to sell two-thirds of its Tower 185
project in Frankfurt to German pension funds for about 330
It also agreed to sell 36 office buildings in the German
state of Hesse, in which Frankfurt is the biggest city, to
Patrizia Immobilien for 800 million euros.
Net profit after minorities fell 13.5 percent to 48.3
million as higher taxes and a one-off charge linked to the Hesse
deal hit the bottom line.
"Top priority will be the continued optimisation of the real
estate portfolio, the main tool for raising operational
profitability. The incremental sale of real estate in
non-strategic geographical and sectoral areas should improve our
key portfolio indicators and enable us to manage the asset
portfolio more efficiently," it said in its 2014 outlook.
($1 = 0.7188 Euros)
(Reporting by Michael Shields, editing by David Evans)