Conwert Slips into the Reds

Professional ServicesReal Estate ♦ Published: May 14, 2014; 16:43 ♦ (Vindobona)

Austrian residential real estate enterprise is facing a hard time in Germany.

Higher maintenance costs in Germany are the reason for a loss in profits. / Picture: © Conwert

Only a year ago the real estate company reported considerable profits. However, business in Germany does not seem as profitable as hoped for. Revenues from operative business declined due to higher maintenance costs for newly acquired apartments in Germany.

In the first quarter net profits of conwert dropped below zero. In total, losses of around € 6m after profits of € 3.6m…