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UPDATE 1-VastNed Q1 property value falls, no outlook

Mon May 18, 2009 2:41am EDT

Stocks

   

* Q1 operating profit up 14 pct to 16.8 mln euros

* Property portfolio value falls 55.5 mln euros

* Declines to give outlook due to economic climate

AMSTERDAM, May 18 (Reuters) - Dutch property group VastNed Retail (VASN.AS) on Monday reported a 14 percent rise in first-quarter operating profit, but said the value of its assets fell and was unable to give a full-year outlook.

VastNed Retail's operating profit -- rental income minus costs -- rose to 16.8 million euros ($22.75 million) from 14.7 million euros a year earlier.

VastNed declined to give an outlook for its full-year operating profit due to what it called "the ongoing turbulence in the economic climate and the expectation that the financing markets will continue to be tight and interest rates volatile."

VastNed, which competes with Corio (COR.AS) and Franco-Dutch Unibail Rodamco (UNBP.PA), said the value of its property fell 55.5 million euros, partly due to pressure on rental income. That brought its total asset value to 2 billion euros.

After property revaluations, VastNed posted a net loss of 38.7 million euros, compared with a profit of 43.4 million euros a year ago. (Reporting by Gilbert Kreijger; Editing by Erica Billingham)



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