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| Norwegian Property reports 4Q profit up 25 pct Norwegian Property ASA achieved a profit before tax and fair value adjustments of NOK 72.9 million in the fourth quarter of 2009, up 25 percent compared with the corresponding period in the preceding year. Gross rental income amounted to NOK 430.1 million, corresponding to a decrease of 4.5 percent from fourth quarter 2008 adjusted for sale of properties. Operating profit before fair value adjustments was NOK 342.2 million, compared with NOK 389.2 million in the same period of the foregoing year. Total value adjustments for the property portfolio came to -1.2 percent in the quarter, corresponding to NOK -283.2 million, of which commercial properties had a positive value adjustment of 0.2 percent whereas the hotel portfolio was adjusted downwards by 3.5 percent. Profit before tax amounted to NOK -276.3 million in the Fourth Quarter 2009, compared with NOK -2 508.2 million in the corresponding period of 2008. In the fourth quarter Norwegian Property has renegotiated a total of 40 office rental agreements, which resulted in an aggregate increase in rent levels of 18.8 percent for these contracts. write your comments about the article :: © 2010 Construction News :: home page |