Sirius Real Estate FY Pretax loss EUR31.7M Vs Loss EUR51.4M

8th Jun 2010 08:11

LONDON (Dow Jones)--Sirius Real Estate Limited (SRE.LN), a real estate company with a portfolio of 38 large mixed-use commercial sites in Germany, said Tuesday that for the year ended March 31, it made a pretax loss of EUR31.7 million on gross Rental Income of EUR44.0 million. MAIN FACTS: -Property portfolio revalued at EUR500.0 million (March 31, 2009: EUR500.4 million) -Gross rental income of EUR44.0 million (2009: EUR43.7 million) -Current annualized rent roll of EUR41.9 million (2009: EUR43.7 million) -Pretax profit from recurring revenues was EUR0.8 million (2009: EUR5.5 million), reflecting higher net interest and increased investment in efficiency measures, but excluding exceptional costs of EUR1.5 million -Pretax loss EUR31.7 million (2009: loss EUR51.4 million) -Loss per share 9.89 cents (2009: loss 17.05 cents) -Adjusted NAV per share 73.63c (March 31, 2009: 83.49c) -Occupancy of 71.4%, increased from 68.5% as at Jan. 1, 2010 (March 31, 2009: 74.0%) -Average rent per square meter of EUR4.25 (March 31, 2009: EUR4.15) -Operating within banking covenants -Loan To Value ratio across the portfolio as at March 31, 2010 of 62.2% (March 31, 2009: 54.8%) -Cash balance of EUR33.4 million (March 31, 2009: EUR29.7 million) -Average monthly sales enquiries increased from 437 for period Apr-Dec 2009 to 847 in Jan-Mar 2010 . -Market conditions remain challenging but stable -As at March 31 Sirius's borrowings excluding capitalized loan costs totaled EUR311.0 million (March 31, 2009: EUR274.2 million). -At this stage the focus is on increasing rental income and reducing the cost base of the business so that the Company can return to paying dividends in due course. -The management team remains focused on driving occupancy and efficiency through the existing portfolio, initially towards and past 80%, and looks forward to providing an update on its initiatives during the remainder of 2010. -Shares at 0710 GMT unchanged at 23.79 pence. -By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected] (END) Dow Jones Newswires June 08, 2010 03:11 ET (07:11 GMT)