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Globalworth Real Estate Investments Ltd on Friday said it swung to profit in 2021, thanks to a reduced fair value loss on its investment property portfolio.
The Guernsey-based company invests in office properties in central and eastern Europe, with a portfolio in Poland and Romania.
It reported pretax profit of €62.1 million last year, compared to a loss of €30.5 million in 2020.
Globalworth recorded a fair value loss on investment property of just €5.7 million, compared to €116.2 million in 2020.
Revenue slipped slightly by 1.7% to €219.4 million in 2021 from €223.3 million, with higher expenses driving net operating income down 8.3% to €144.3 million from €157.3 million.
Shares in Globalworth were down 5.1% to €5.58 in London on Friday morning.
Total combined portfolio value rose 3.9% to €3.2 billion as of December 31. Preliminary EPRA net reinstatement value was €1.9 billion, or €8.66 per share at December 31, a slight decrease from €8.68 a year before.
Globalworth said this was partly due to the payout of dividends in 2021 of €0.30 per share. It made no comment about dividend plans for 2022.
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