Echo Polska posts another set of strong results

JSE-listed Echo Polska Properties (EPP) has posted growth in distributable earnings to €59.2-million and a distribution per share of €0.8 for the nine months ended September 30. CEO Hadley Dean said during a presentation on Thursday that the company was pleased with another robust performance, with all key indicators in line with expectations. Net profit for the period amounted to €56.41-million, while total net asset value (NAV) totalled €844-million equating to an NAV per share of €1.20. Footfall in the retail portfolio increased 5.1% during the period with sales up 9.6%. The loan-to-value ratio remained static at 52.7%, with an average cost of debt of 2.09%. “Notably, we progressed with our strategy of becoming the leading retail landlord in Poland with the acquisition of Solna, in Northern Poland, and the opening of phase three of Outlet Park Szczecin, adding 3 330 m² to the centre and €0.7-million of yearly net operating income (NOI).”