AFI Europe Romania Q1 net operating income rises 12.2%

Shopping center AFI Palace Cotroceni in the capital Bucharest, the company's largest and most important asset, posted a net operating income of over 8 million euro in the first quarter of 2016, up 9.6% from the year-earlier period, AFI Europe Romania said in a press release.

Sales of AFI Palace Cotroceni retailers grew 14% to over 55 million euro in the first three months of the year, while sales of AFI Palace Ploiesti retailers generated a 23% higher turnover.

The net operating income of shopping center AFI Palace Ploiesti rose 4.6%, in the context of an occupancy rate of over 99%.

AFI's three office buildings AFI Park 1, AFI Park 2 and AFI Park 3 in Bucharest reported a 33% higher operating income and an occupancy rate of 100%.

In March, the real estate developer said it will expand its shopping malls in Bucharest and Ploiesti, encouraged by the good financial results coupled with positive microeconomic numbers of Romania.

AFI Europe, a subsidiary of AFI Properties, is a real estate development, management and investment company operating in Central and Eastern Europe. It focuses on the development of large-scale commercial, residential and mixed use projects.

AFI Properties Group has posted a net operating income 20 million euro in the first three months of the year. Its profit surged 251% to 43 million euro, while its operational profit doubled to 66 million euro compared to last year.

($= 0.8919 euro)