At the end of March 2007 total assets of Piraeus Real Estate Investment Company SA amounted to Euro112.7 mn, i.e. remained at the same level of March 2006 (Euro111.7 mn).
The investment property of the company at the end of March 2007 amounted to Euro99.9 mn as opposed to Euro96.8 mn a year ago, enhanced by 3.2%. Total investment property portfolio, which includes 28 property ownerships in Greece, constituted 89% of the assets.
Turnover (rental income) amounted to Euro2,012 thousand in Q1 2007 compared to Euro1,865 thousand the same period last year, risen by 8%. The increased income from leased assets is the result of the maturity of the investment property portfolio.
Annualized rental yield of the investment property portfolio in Q1 2007 rose to 8.1% against 7.8% in 2006.
Profit before tax amounted to Euro1,604 thousand in Q1 2007 compared to Euro1,685 thousand in Q1 2006. The reduction of the profit before tax is mainly a consequence of the increased operational support expenses by Euro163 thousand.
Tax expenses amounted to Euro133.1 thousand against Euro78.3 thousand the same period last year, risen by 70%, due to the increased corporate tax rate since the beginning of 2007. Hence, profit after tax amounted to Euro1,471 thousand against Euro1,607 thousand in Q1 2006.
Basic EPS in Q1 2007 remained at the same level of last year, i.e. Euro 0.03.