Operator of three shopping malls in Slovakia, Atrium European Real Estate reported a 14.5-percent drop in profit last year despite an increase in rental revenues for the shopping center operator in Slovakia, the Czech Republic and Poland. The financial crisis in Russia is behind the poor results, according to Trend Reality. Profit before tax dropped to €148.8m from €174m in 2014. Net rental revenue was down by 3 percent to €198m. In the key markets in Slovakia, Poland and the Czech Republic, however, rental revenue increased by 8 percent to €146m. In Russia, on the other hand, rental reductions brought revenues down, and Atrium was forced to devaluate its portfolio by €140m. The company continued cleaning its portfolio: it offloaded 87 assets in the Czech Republic for €185.6m and bought a 75-percent stake in Arkády Pankrác for €162m. Atrium also purchased a new shopping center in Poland.
