Eurobank Properties on Monday reported an 80-pct decline in 2010 profits to 8.0 million euros, down from 39.6 million euros in 2009, reflecting a fall in the estimated value of its real estate portfolio by 27.3 million euros, after an increase of 4.5 million euros in 2009. The negative results were attributed to adverse conditions prevailing in SE European markets.
The company said its 2010 results were burdened by an extra tax charge of 4.0 million euros. Interest revenues fell 1.1 million euros last year, while leasing revenue rose 6.2 pct to 44.64 million euros. Operating spending fell 21 pct despite an increase in VAT, while financial spending were down 17 pct.
Operating earnings rose 9.0 pct to 37.8 million euors, while funds from operations grew 2.0 pct in 2010. Eurobank Properties said its shares were trading at a discount of around 48 pct in the market.