Immofinanz reports net profit of 123 million Euro in Q1 2021
Immofinanz recorded an improvement in the results of operations and net profit during the first quarter of 2021, which was still influenced by the Covid-19 crisis. The Group has a net profit of 123 million Euro and available liquid funds of 1.0 billion Euro.
Rental income rose by 0.5% to EUR 74.8 million in the first quarter. Property expenses were substantially higher during this three-month period due to a crisis-related increase in the write-offs of rents receivable from asset management. This, in turn, led to a 7.7% year-on-year decline in the results of asset management to EUR 54.9 million. Positive results from property sales and property development as well as cost savings supported an improvement of 6.7% in the results of operations to EUR 46.4 million.
“The first quarter was still heavily influenced by the pandemic, but we generated strong performance with a substantial improvement in the results of operations and net profit. Almost all our retail properties are now fully opened, and we are also seeing promising trends in visitor frequency and retail turnover“, indicated Ronny Pecik, CEO of Immofinanz. “The progress of the EU-wide vaccination campaigns makes us optimistic concerning developments during the rest of this year, and we are continuing to work on value-creating expansion with our crisis-resistant real estate brands – as we recently showed with the acquisition of an office property at a top location in Bucharest and further acquisitions for our STOP SHOP retail park format.“