Globalworth Real Estate Investments Ltd on Tuesday reported a modest increase in revenue and a narrowed pretax loss at the half-year stage.

The investor in real estate in Central and Eastern Europe said revenue in the six months to June 30 rose 2.6% to €1.20 billion, from €1.17 billion the year before, while its pretax loss narrowed to €44.3 million from €45.7 million.

The firm said its total combined portfolio value decreased by 2.5% to €3.1 billion, mainly due to revaluations and disposals, while the average occupancy of the portfolio of 85.5% was marginally lower than 85.6% a year ago.

Total annualised contracted rent increased by 6.8% to €202.2 million at the year-end, while like-for-like annualised commercial contracted rents in the standing commercial portfolio rose by 5.4% to €191.0 million.

EPRA earnings decreased by 0.4% to €34.2 million from €34.3 million, due to higher administrative costs and higher income tax expense than the previous year.

Shares in Globalworth Real Estate closed 1.2% higher at €2.64 in London on Tuesday.

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