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Gecina H1 recurrent net income surges 17.2% YOY


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Gecina H1 recurrent net income surges 17.2% YOY

's recurrent net incomefor the first half surged 17.2% year over year to €198.0 million from€169.0 million.

On aper-share basis, recurrent net income amounted to €3.16, up 15.4% from €2.74 inthe same comparable period. EBITDA also increased 8.8% to €247.3 million from€227.2 million.

Thecompany's gross rental income rose 8.2% to €298.8 million during the six-monthperiod but dropped 0.2% like for like.

Gecina'saverage financialoccupancy rate across its entire portfolio reached 96.2% for the first half.Its office assets mainly drove the increase in gross rental income, amountingto €194.9 million.

Like-for-likeportfolio value growth rose 2.9% over the six months ended June 30, compared toDec. 31, 2015.

Netdebt came in at around €4.74 billion as of June 30, up €809 million year overyear. The company attributed the increase from a predominantly net buyerprofile in 2015 and the finalization of the healthcare portfolio's , which was completed afterthe first half.

Thecompany's pipeline of projects between January and June amounted to €3.6billion with 60% on committed or "certain" projects, most of whichare in Paris and scheduled for delivery by 2020.

Regardingthe company's takeover bid for Foncière de Paris, Gecina said it does not see any basisto offer an increased bid due to the current offer being superior to a rivalone.

Lookingahead, the company reconfirmed its target for recurrent net income growth of more than 5%for 2016, excluding the impact of the healthcare division's sale.It attributed the reconfirmed target to market trends, a positive change in itsfinancial spending along with efficient management of its operating expenses,despite the volume of sales since Jan. 1.