Atrium European Real Estate, a real estate company focused on shopping centre investment, management and development in Central and Eastern Europe, made a profit before tax of EUR104.4m for the first half of 2010.

This compares with a loss of EUR324.6m in the first half of 2009 and a loss of EUR486.6m for the financial year 2009.

Ebitda excluding revaluation and exceptional items was up 25 per cent to EUR49.8m.

Net cash from operating activities increased by 65 per cent to EUR46.6m compared to EUR28.2m for the corresponding period last year.

The EPRA net asset value per ordinary share was up 4.5 per cent to EUR6.04 compared to EUR5.78 at 31 December 2009.

The value of standing investments increased by 4.2 per cent to EUR1.537bn compared to EUR1.475bn at 31 December 2009.

Net rental income grew by 11.1 per cent to EUR65.3m, while gross rental income remained stable at EUR74.4m.

Borrowings decreased from EUR658.8m as at 31 December 2009 to EUR426.1m as at 30 June 2010, following the repurchase of all remaining 2006 medium term notes (EUR234m nominal value).

The cash balance decreased to EUR386.4m at 30 June 2010 (31 December 2009: EUR610.7m), reflecting the bond acquisition.

A EUR0.03 dividend was paid on 30 June 2010, with a further EUR0.03 quarterly dividend to be paid on 30 September 2010 with an ex date of 22 September 2010 and a record date of 24 September 2010.

Rachel Lavine, chief executive of Atrium European Real Estate, says: “Today’s results reflect the continued improvements in the markets in which we operate and the solid progress being made across all areas of the business. Whilst the revaluation of our properties helped to deliver a profit before tax of EUR104m, we are pleased that, excluding the positive effect of the portfolio revaluation and other exceptional items, Ebitda improved 25 per cent to EUR50m.

“We have worked incredibly hard to improve operational efficiency and protect the income from our assets, which is reflected in the continued positive trend on occupancy, which now stands at 94.7 per cent. We are also pleased that in some cases we have been able to increase previously discounted rents, particularly in Russia.

“The operational and financial achievements we have made to date have created a business which is well positioned for growth. Our real priority now is to ensure that we can make our cash and our low leverage work to our best advantage. We are in a strong position and are being diligent in our pursuit of acquisitions, whilst ensuring that we create maximum value from our standing assets and our development pipeline.”