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Covivio: H1 net income up 70%

( - Covivio has announced a 70% increase in net profit to 796 million euros for H1 2022, with a 7.
6% year-on-year increase in adjusted EPRA earnings to 222.7 million euros at end-June (or 2.37 euros per share).

The real estate company explained that the recovery in the hotel business and strong organic revenue growth more than offset the fall in property development margins, and that its results also benefited from the sound performance of net operating costs.

While acknowledging that recent months have been marked by increased geopolitical, economic and financial uncertainty, Covivio confirms its 2022 adjusted EPRA earnings target of around 4.5 euros per share, compared with 4.35 euros per share in 2021.

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