Nepi Rockcastle says quarterly earnings increased 21%
JSE-listed landlord Nepi Rockcastle says it had a strong operational performance in the three months to end-March
Nepi Rockcastle, which was recently cleared of misleading reporting by regulators in SA, says earnings rose by about a fifth in the three months to end-March.
“Nepi Rockcastle had a strong operational performance” in the quarter, it said in a statement.
Earnings before interest, taxes, depreciation and amortisation (ebitda) rose 21% year on year to €92.2m. The ebitda margin rose to 95.1%, from 94.7% a year before.
Nepi, the JSE’s second biggest landlord which owns malls in central and eastern Europe, said earlier in May the Financial Sector Conduct Authority had found no evidence of false or misleading financial reporting by the group in 2017.
The company said on Friday its loan-to-value ratio was at 32%, below its target of 35%.
Nepi said it had launched an open tender process for the sale of its Romanian office portfolio.
The company also reaffirmed its guidance released in February that distributable earnings per share in 2019 were expected to be 6% higher than in 2018.