Dundrum Town Centre Owner Reports Profit Increase

By Donna Ahern
Dundrum Town Centre Owner Reports Profit Increase

Dundrum Town Centre owner Hammerson on Thursday reported a 14% rise in half-year adjusted profit thanks to a retail recovery following the easing of lockdowns and lower costs, but warned that footfall was yet to rebound to pre-pandemic levels.

The British government in June extended a ban on commercial evictions until March 2022, even as mall operators heavily exposed to non-essential retail tenants were battered by months of COVID-19 lockdowns.

Landlords have been forced to rework rental agreements and offer concessions on plunging demand and asset valuations, while a recent spike in COVID-19 cases has brought back restrictions in some places including France, where Hammerson has operations.

Earnings Increase 

The debt-laden firm's adjusted earnings rose to £20.1 million ($27.90 million) for the six months ended 30 June, from £17.7 million a year earlier.

ADVERTISEMENT

IFRS loss narrowed to £376 million from £1.09 billion in the pandemic-hit comparable period in 2020.

In 2019, Hammerson reported £107.4 million in adjusted earnings and £319.8 million in IFRS loss.

"We are focused on continuing to de-lever the balance sheet through disposals of non-core assets, creating a leaner and more agile organisation," Rita-Rose Gagné chief executive officer said in a statement.

The FTSE 250-listed firm said half-year EPRA net tangible assets per share, a key metric for the sector, fell 16% to 69 pence, adding that footfall was averaging at 75% of 2019 levels.

News by Reuters edited by Donna Ahern Checkout. For more Retail stories click here. Click subscribe to sign up for the Checkout print edition.

Stay Connected With Our Weekly Newsletter

Processing your request...

Thanks! please check your email to confirm your subscription.