Member Article

Metro Centre and Eldon Square owner Intu reports significant increase in pre-tax profit

Metro Centre and Eldon Square owner Intu has reported a pre-tax profit of £567 million in the first six months of this year, increasing from £180 million during the same period in 2013.

Intu Metrocentre’s value of £922 million, increasing from £885 million at the end of last year. Intu Eldon Square has a market value has risen by from £250 million to £265 million.

Property revaluations has led to pre-tax profit at Metrocentre and Eldon Square owner Intu more than doubling in the first half of its financial year.

There has been significant increase for the majority of the group’s shopping centres during this time.

While there has also been growth in revenue on last year, which has risen from £250.3m to £261.1m.

It said there have been early indications of potential for growth at these sites since the completion of the deals in May.

Chief executive David Fischel said: “Intu has recorded a strong first half performance with a 7.6 per cent like-for-like valuation uplift, increasing net asset value per share to 372p and taking the overall market value of our prime UK shopping centres to £8.8 billion.

“The initial indications from the major centres we acquired in the period, now rebranded as intu Merry Hill and intu Derby, are very positive.

“The letting market is showing encouraging signs of improvement and we are gaining further momentum with our £1.2 billion active management and development pipeline.”

This was posted in Bdaily's Members' News section by Ellen Forster .