Property group IGD swings into FY loss on coronavirus hit
25/02/2021 13:12
Feb 24 (Reuters) - Italian property company IGD IGD.MI
swung into a full-year net loss last year after lockdowns and
restrictive measures to contain the spread of the coronavirus
affected shopping centers' activities.
IGD, which owns and manages shopping malls and supermarkets
in Italy and Romania, on Thursday posted a 2020 net loss of 74.3
million euros ($90.87 million), compared to a profit of 12.6
million euros the previous year.
Shares in the company were down 2.6% by 1310 GMT, compared
with a flat Milan All-Share index .FTITLMS .
The group said that while the pandemic is likely to impact
its operations in the first months of 2021, it expects that
funds from operations (FFO) - a measure of its operating
performance - will grow between 3-4% this year as vaccine
roll-outs and a gradual easing of the restrictions are set to
help its businesses to progressively recover.
IGD said its board would propose to not distribute a
dividend over last year's results.
It has also mandated international advisor CBRE for the
disposal of a portfolio of stand-alone hypermarkets and
supermarkets for around 185 million euros in a bid to reduce its
loan to value (LTV) ratio.
($1 = 0.8177 euros)
(Reporting by Rita Plantera; editing by Agnieszka Flak)
((r.plantera@thomsonreuters.com; +48 58 769 65 79))