Orion Real Estate said in a trading update on Monday that due to increased rentals and recoveries from the larger portfolio it expected a 100% improvement in its headline earnings per share for the year ended June 30, 2010, from previously.

The group said however, that its earnings per share had decreased by approximately 85% from earlier.

"The decrease was due to the fact that the property values have stabilised after the transfer of the Gmeiner portfolio and only minor adjustments to the property values were required," it said.