FX.co ★ Unibail-Rodamco-Westfield Q1 Profit Up

The French real estate firm, Unibail-Rodamco-Westfield, reported on Thursday that its proportionate turnover for the first quarter was 942.8 million Euros. This shows a 3.7% increase from the 909.3 million Euros reported in the same period last year.

The company's total turnover, excluding VAT, rose to 799.0 million Euros in the first quarter, up from 758.8 million Euros reported last year.

However, the Gross Rental Income from Shopping Centers on a proportionate basis, reduced to 616.4 million Euros, a downturn from the 628.9 million Euros in the first quarter of 2023.

In response to the results, the Company's Chief Executive Officer, Jean-Marie Tritant, commented: "In Q1-2024, we witnessed a strong operational performance with consistent like-for-like improvement in Gross Rental Income across all our activities. There was an increase in tenant sales and footfall in our shopping centres compared to last year. Additionally, our Trinity office building in La Défense is now fully let at premium rents."

He also mentioned the robust performance of their Convention & Exhibition business, which he attributed to the early impact of the Paris 2024 Olympic and Paralympic Games. The company's Viparis venues are set to host several events and organizational components during the game.

Tritant pointed out that the first quarter also saw an increase in Retail Media income due to the continued growth of Westfield Rise, the company's in-house agency. He revealed that the agency is fully on track to reach its target of 75 million Euros in annual net margin by 2024.