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Mall operator Klepierre 2014 profit rise as it refocuses portfolio
February 12, 2015 / 5:02 PM / 3 years ago

Mall operator Klepierre 2014 profit rise as it refocuses portfolio

PARIS, Feb 12 (Reuters) - French shopping mall operator Klepierre saw its 2014 net profit improve slightly even though revenues fell as the group sold non-core assets to refocus on fast-growing urban areas.

The company said net profit rose to 406.5 million euros in 2014 from 403.7 million the previous year, slightly ahead of analysts average forecast for 402 million euros as polled by Thomson Reuters I/B/E/S.

Total gross rents fell 13 percent to 820.3 million euros last year, as it sold 2.4 billion euros in assets. That fell short of analysts average estimate for 881 million euros.

The company, which is part owned by U.S. mall operator Simon Property Group and BNP Paribas, bought smaller Dutch group Corio, putting it on a firmer footing to take on bigger rival Unibail-Rodamco.

Klepierre said it targeted earnings per share of 2.10-2.15 euros this year, after 2.07 in 2014. The 2014 result was slightly ahead of its guidance and analysts’ estimates.

The company proposed a 2014 dividend of 1.6 per share, up from 1.55 paid out for 2013 and in line with analysts’ expectations. (Reporting by Leigh Thomas; Editing by Andrew Callus)

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