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Deutsche Euroshop Says Annual Profit Climbed on Mall Revenue

Deutsche Euroshop AG, Germany’s largest shopping-center owner, said full-year earnings rose 34 percent as the company’s malls generated more revenue.

Operating profit climbed to 165.7 million euros ($219 million) from 124 million euros a year earlier, the Hamburg-based company said in a statement today. Analysts expected 163.4 million euros, the average of nine estimates compiled by Bloomberg. Revenue rose 32 percent to 190 million euros.

Deutsche Euroshop, which owns or has stakes in 19 shopping centers in Germany, Austria, Hungary and Poland, plans to pay an unchanged dividend of 1.1 euros a share. The company reported net income of 93.4 million euros and restated the year-earlier figure to a loss of 7.8 million euros because of a change in the way it applies a tax deduction, according to the statement.

The mall investor forecast an increase in operating profit to 177 million euros to 181 million euros for 2012, while revenue will rise to 207 million euros to 211 million euros.

“Last year, insurance companies and foreign pension funds were very active in the German shopping center market,” Chief Executive Officer Claus-Matthias Boege said in the statement. “Contrary to expectations, the first ten weeks of the new financial year have been rather quiet.”

Deutsche Euroshop gained 1.8 percent to 26.40 euros in Frankfurt trading, the highest since Feb. 13. Before today, the shares had lost 5 percent in six months, while the CDAX Performance Index gained 24 percent.

The company reported net asset value of 27.65 euros a share for 2011, a 5 percent increase from the previous year. Funds from operations, a measure of a company’s ability to generate cash, rose to 1.61 euros a share from 1.35 euros.

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