Developer CTP, which has a strong presence on the Czech market, saw its profit fall 22.4 percent to EUR 796.5 million (CZK 18.7 billion) last year, while net rental income increased 38.3 percent to EUR 452.1 million, the company, whose shares are traded on the Prague Stock Exchange, said on its website today. The value of the company’s assets rose by more than a third to 10.1 billion euros last year.
“We saw strong comparable rental growth of 4.5 percent during the year, signing leases for 1.9 million square meters,” CTP Remon Vos, chief executive, commented on last year’s results. In a situation where there is a shortage of properties for lease on the market, Vos said demand remains strong, especially in Central and Eastern Europe. Along with rising rents, falling construction costs are also helping the company, he pointed out.
CTP reported adjusted earnings per share of EUR 0.61, according to European Real Estate Association standards. “It beat its own estimate of EUR 0.60 and (earnings per share) thus achieved a 26 percent year-on-year increase,” Olga Švepešová Blat’áková of Fio banka said of the results. For this year, CTP estimates earnings per share at EUR 0.72.
CTP Group was founded by Dutchman Remon Vos in 1998 in the Czech Republic. Six years ago, CTP entered other markets in the region. In addition to the Czech Republic, it operates in Slovakia, Hungary, Serbia, Romania, Poland and Austria. It specialises in the construction of industrial and logistics properties.
Source: CTP and CTK
