Norwegian Property ASA achieved an operating profit before fair-value adjustments and gain/loss of NOK 202.3 million during the first quarter of 2012, a decline of 5.6 per cent from the same period of the year before. Gross rental income came to NOK 247 million, down slightly from NOK 253.7 million in the first quarter of 2011. This reduction primarily reflected the sale of properties. After fair-value adjustments, the pre-tax profit came to NOK 106.4 million, down from NOK 558.9 million in the same period of 2011. Net profit was NOK 77.3 million, compared with NOK 494.2 million in the same quarter of 2011. The company thereby achieved ordinary earnings per share of NOK 0.16 for the first quarter. Carried equity was NOK 10.51 per share at 31 March 2012, down from NOK 10.99 per share a year earlier (Epra: NOK 11.75 at 31 March 2012).
The company achieved a positive cash flow from operating activities of NOK 84 million in the first quarter, compared with NOK 117.2 million in the same...