November 18, 2009 / 4:44 PM / 9 years ago

Befimmo FY earnings up, dividend maintained

BRUSSELS, Nov 18 (Reuters) - Belgian property investment group Befimmo (BEFB.BR) on Wednesday reported higher full-year recurring earnings helped by low interest rates and confirmed it would pay a final dividend of 1.04 euros per share.

The group said in July it would pay that final dividend in addition to the interim sum of 3.36 euros it has already paid.

Full-year net current profit came in at 76.6 million euros ($114.7 million), a 22.1 percent rise from a year earlier.

The rise was also due to lower costs for certain buildings, the company said.

Befimmo’s portfolio is focused on offices in Brussels, the majority of them on long-term let to public institutions.

The group secured a 159.6 million euro capital increase at the end of June, but De Blieck said the group was not under pressure to invest.

“Since the capital increase we have studied a number of projects,” Chief Executive Officer Benoit De Blieck told a news conference, adding that no agreements had been signed so far.

The group had no immediate plans to invest abroad, preferring to focus on Belgium in the current market conditions, he said. (Reporting by Antonia van de Velde)

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