Gecina Says First-Half Income Rises on Occupancy Rise Debt CutPatrick Gower
Gecina SA, Paris’s largest publicly traded office landlord, said first-half earnings rose 1.5 percent on increased occupancy and lower financing costs.
Pretax earnings excluding changes in asset values and other items, known as net recurrent income, climbed to 167.4 million euros ($221 million) from 164.9 million euros a year earlier, the company said in a statement today. Occupancy increased to 94.8 percent from 94.1 percent.
Gecina has been restructuring its holdings for the past two years to help cut debt. Net financial expenses fell 10.3 percent to 72.8 million euros after the company reduced borrowing.
“The policy to deleverage and realign the group that we have been implementing for the past two years is delivering benefits,” Chief Executive Officer Philippe Depoux said in the statement. “Gecina now has sound foundations for continuing with its development.”