Icade: sharp reduction in H1 net loss

(CercleFinance.com) - Icade has reported a net attributable loss of -E180.
5m for H1 2024, i.e. an improvement on June 2023 (-E475.4m), in particular due to a smaller change in the value of investment properties.

However, its gross operating income fell 56.7% to E67.1m, due to E85m in write-downs booked on development operations in the portfolio, while consolidated IFRS revenues remained stable at nearly E699m.

Rental income from the real estate business rose by 3.7% to E187.8m, boosted by lease indexation, while sales from the development business stagnated overall at E503.2m (-0.8%) as the residential backlog built up to end-2023 was sold off.

Based on these results to June 30 and its expectations for H2, Icade confirms its target of total net current cash flow of between E3.55 and E3.70 per share for 2024.


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