2007 FULL YEAR FINANCIAL RESULTS INCREASE OF 12% IN NET PROFIT PROPOSED DIVIDEND euro0.13 PER SHARE
Pre-tax profit of Piraeus Real Estate Investments S.A. amounted to euro 9,749 thousand on the year 2007, versus euro 8,561 thousand in the same period of 2006 recording an increase of 14%.
Total taxes stood at ?551 thousand against euro 337 thousand in 2006, rising by 64%, due to the taxation rate increase which was adopted since the beginning of 2007. Thus, profit after tax grew by 12%, rising to ?9,199 thousand from euro 8,224 thousand in 2006.
Basic earnings per share amounted to euro 0.17 for the year 2007 against euro 0.15 in the same period of 2006, increased by 13%.
Total assets of Piraeus Real Estate Investments S.A stood at euro 113.7 mn at the end of the year 2007 versus euro 111.1 mn on 31.12.2006.
The company's total investments on real estates, at the end of the year 2007, amounted to euro 99.7 mn compared to euro 99.9 mn on 31.12.06. Total investments, concerning 27 real estates throughout the Greek territory, account for 88% of total assets.
Rental income in the year of 2007 amounted to euro 7,975 thousand, against ?7,777 thousand last year, increased by 3% mainly due to the progressive maturing of the investment portfolio.
The return of rental income on investment portfolio value rose to 8.0% in the year of 2007 against 7,8% in 2006.
The Board of Directors of Piraeus Real Estate Investments S.A. will propose at the Ordinary General Meeting of Shareholders which is scheduled to take place on 15.04.2008, a 0.13 euro dividend per share, a 6% increase compared to the same period of 2006. The proposed dividend represents a 6.1% dividend yield, on 31.12.07 closing price of the share, and 7.1% on yesterday's closing price.