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Immofinanz happy with Q1 results

Eurobuild CEE 04 June 2018
EUROPE In the first quarter of this year Immofinanz saw its operating income double y-o-y to 35.5 mln from 17.8 mln in Q1 2017.
Rental income rose by 3.3 pct to EUR 59 mln. “The measures taken during our recent restructuring are taking effect, and we can now see the improvement we expected in our figures. A significant increase in the efficiency of our portfolio has led to a year-on-year reduction of app. EUR 4.3 mln, or 21 pct, in property expenses. In addition, financing costs fell by nearly 39 pct, which is over EUR 10 mln, due to the extensive refinancing we took in 2017“, said Oliver Schumy, the CEO of Immofinanz, on this development. Net profit from continuing operations came to EUR 4.3 mln, compared to EUR 101.7 mln in Q1 2017. The total net profit for the group (including the effect of the sale of a logistics portfolio) came to EUR 1.0 mln compared to EUR 80.7 mln in the first quarter of last year. In April 2018. The company started an auction for a package sale of a 26 pct investment stake in CA Immo, which is expected to be concluded in the summer of 2018. The company is currently applying to the competition authorities of a number of countries for approval of its acquisition of a 29.1 pct stake in S Immo. An increase in the dividend to eight Euro cents (EUR 0.08) per share is planned for the current 2018 financial year.

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