Wereldhave nv (PK) (USOTC:WRDEF)
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Real-estate company Wereldhave NV (WHA.AE) Friday said it swung to a net loss in the first half due to downward revaluations on properties in all the countries in which it operates, and refrained from giving an outlook for the full year.

It posted a net loss of EUR13.9 million, or EUR0.78 a share, after a net profit of EUR52.4 million, or EUR2.32 a share, a year ago. Net asset value per share fell to EUR77.77 from EUR83.74.

The company's direct result - a measure which excludes changes in the value of real-estate assets, used by property companies to track operational performance - rose to EUR58.6 million in the first half, from EUR54 million a year ago. The rise was mainly due to lower interest costs and taxes.

Petercam analyst Pieter van der Meijden said the figures were "very strong," particularly the direct result, which he expects to rise further for the full year.

He expects Wereldhave will pay a dividend for the full year, unlike some other real-estate funds. Petercam is keeping its add rating and EUR75 target price on the stock.

Net profit fell due to negative property revaluations, amounting to a total downward revaluation of EUR82.7 million. Wereldhave expects further downward pressure on property values in the rest of 2009, but said in a statement: "Wereldhave is well prepared for negative revaluations with its sound financial situation, which also enables it to make use of attractive investment opportunities."

Royal Bank of Scotland analyst Jaap Kuin said Wereldhave's comments on investment opportunities were positive. He maintains a buy rating and EUR67 target price.

Total revenues rose to EUR106.7 million in the first half, from EUR101.9 million a year ago. The occupancy rate for the first half fell to 89.7% from 94.7% a year earlier.

Wereldhave invests in office buildings, shopping centers, industrial and residential property in Belgium, Finland, France, the Netherlands, Spain, the U.K. and the U.S.

Wereldhave's corporate treasurer Charles Bloema told Dow Jones Newswires that the company saw "much interest but no fixed rental contracts yet" for vacant properties in Paris and Washington. Bloema added that due to current market conditions, Wereldhave had delayed the second stage of development of a new project in San Antonio, Texas, from 2010 to 2011. "In fact this means that we can cut on costs in 2010, when we have to make some refinancing arrangements," he said.

At 0915 GMT, Wereldhave shares traded down 2.1% at EUR61.11 in a broadly weaker Dutch market.

Company Web site: www.wereldhave.com

-By Bart Koster, Dow Jones Newswires; +31 20 571 5201; bart.koster@dowjones.com