Deutsche Euroshop gets profit boost from tax effect
The shopping center investor Deutsche Euroshop (DES) recorded only a slight revenue growth of 0.3% to €56.2mn in Q1. EBIT also improved only slightly, with FFO up 1.6% to €38.4mn. Net profit, however, rose significantly by almost 30% to €39.4mn, thanks to a non-recurring tax effect. Valuations were not carried out in the first quarter for DES’s shopping malls, which suffered considerable depreciations in the 2018 business year. The management board confirmed the annual forecasts of revenues ranging between €222mn and €226mn, and FFO ranging between €148mn and €151mn.
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