Immofinanz results marred by CEE revaluation

Immofinanz results marred by CEE revaluation

Published at: 2015-03-19 10:21 | Author: CIJ Journal
Immofinanz Group has released its results for the first three quarters of its 2014/15 financial year which it says came to €241.9m, nearly the same result achieved for the same period a year ago. The company’s net profit, however, fell from €79.2m over this period from €142.1m, primarily because of the foreign exchange-adjusted revaluation of investment properties in Russia, Poland, the Czech Republic and Slovakia. These reduced its results by €99.1m but the company noted they had no impact on its cash position. Net profit for the third quarter 2014/15 amounts to EUR 109.4 million (second quarter 2014/15: -€16.2m, first quarter 2014/15: -€14.0m).

"The third quarter of our 2014/15 financial year was characterised by the significant weakening of the Russian Ruble versus the Euro and US Dollar,” says CEO Eduard Zehetner. “We therefore decided to continue our policy of temporary reductions in the lease payments for the tenants in our five Moscow shopping centers. These steps will not only help our long-standing partners in a difficult situation, but also ensure continued high occupancy in our shopping centers.”

Similar Stories:

AFI close to finalizing €300m office deal with NEPI
AFI Europe Romania is poised to take over four office buildings in Bucharest and Timisoara  »
OPTIM PM nominated for Best Project Manager at CIJ Awards Romania 2019
OPTIM PM has been nominated to compete in the Best Project Manager at the CIJ Awards Roman  »
CIJ Awards Gala Romania, only one month away
Romania’s real estate market annual awards ceremony, CIJ Awards Gala, now in its 12th ye  »
One United to build new mixed-use scheme in northern Bucharest
One United Properties is planning to develop a mixed-use project along Barbu Vacarescu bou  »
Czech Republic  ♦  Hainc : Prague needs density
CIJ: In 2016, the Metropolitan plan was in chaos. The head of the plan had been fired and   »
And it’s not just shift workers to man the machines and assembly lines and to stack good   »
Czech Republic  ♦  It‘s Prague 4 vs. The World
Prague 4 appears to have done away with formalities and diplomatic language and made it cl   »
This reflected economic and political reality, as the country is being pulled in differing   »