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Immofinanz posts profit rise to 135 million Euro after nine months in 2018

Immofinanz has announced that its net profit turned positive with a significant increase to 135.0 million Euro after nine months in 2018. The results of operations more than doubled year-on-year to 149.7 million Euro.

2018-11-29 14:16:34

Net profit turned positive at 135.0 million Euro in Q1-3 2018, compared with the first three quarters of the previous year which were negatively influenced by the sale of the Russian portfolio (-59.1 million Euro).

"We can now see the results of Immofinanz's repositioning as one of the leading commercial real estate companies in Central and Eastern Europe with a focus on the office and retail asset classes - and the expected improvement is clearly visible in our key performance indicators for the 2018 financial year. The Group has a very solid foundation for further growth and is successfully positioned to utilise the opportunities resulting from changes in the market environment", said Oliver Schumy, CEO of Immofinanz.

The real estate portfolio covered 223 properties with a carrying amount of 4.3 billion Euro as of 30 September 2018. Their occupancy rate rose to 94.5 per cent during the first three quarters (31 December 2017: 94.2 per cent).

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