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AMSTERDAM, May 21 (Reuters) - Dutch property group Corio
(COR.AS) posted a 35.8 percent drop in its first-quarter net
profit on Wednesday, as lower gains on property revaluations
offset gains in rental income.
Net profit in the three months fell to 62.3 million euros
($98 million) from 97 million euros in the same period last
year. Three analysts polled by Reuters had on average forecast a
profit of 84 million euros, with individual forecasts ranging
between 77 million euros and 98 million euros.
Corio's direct result, which reflects rental income, was 52
million euros in the first quarter compared with 51 million
euros a year earlier and an average forecast of 53 million
euros.
For continuing operations, net rental income increased by 12
percent to 68.9 million euros, Corio said.
But lower revaluations on Corio's property portfolio
resulted in an indirect result of 10.2 million euros, compared
with 46 million euros a year earlier.
Earlier this week Dutch rival Vastned Retail (VASN.AS)
reported that its investment result fell 10 percent in the first
quarter.
In April Corio issued an outlook stating that its 2008
direct result was likely to be in line with 2007, which it
reiterated on Wednesday.
Corio added it expects net rental income for continuing
operations to increase by about 14 percent, while financing
expenses are expected to increase by 27 million euros.
At the end of the first quarter Corio's property portfolio
stood at 6.98 billion euros, up 8 percent from the end of 2007,
it said.
(Reporting by Reed Stevenson; Editing by Greg Mahlich)
