Immofinanz Group increases results of operations

Immofinanz Group increases results of operations

Published at: 2013-03-27 11:57 | Author: CIJ Journal
Immofinanz Group generated solid operating results in the first three quarters of the 2012/13 financial year. A comparison with the first three quarters of the previous year shows strong growth, above all through a significant 12.7 percent increase in rental income to €492.9m. Substantial improvement was also recorded in income from property sales before foreign exchange effects with a plus of 51.1 percent to €62.8m, which offset the year-on-year decline in income from property development. Operating earnings rose by 6.7 percent to €396.8m for the first three quarters of 2012/13 (Q1-3 2011/12: €372.0m).

Net profit for the reporting period fell by 22.0 percent to €210.1m. After an adjustment for foreign exchange effects and derivatives, net profit was 40.6 percent lower at €162.1m. This decline is attributable to a significant year-on-year reduction in foreign exchange-adjusted revaluation results, which totalled €24.7m instead of €160.8m. Gross cash flow rose by 8.9 percent year-on-year to €315.3m.

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