Immofinanz: Net Income Decreases by 57%

Professional ServicesReal Estate ♦ Published: September 27, 2010; 14:25 ♦ (Vindobona)

Immofinanz AG showed half as much profit in the first quarter after its merger, as a lasting non-recurring effect from the first quarter. Earnings per share diluted after the merger with Immoeast.

Immofinanz: Net Income Decreases by 57% / Picture: © Immofinanz

Immofinanz group’s results for the first quarter of 2010/11 decreased to 59 million euro and amounted 77.2 million euro (-56.68%) less than one year ago. Sales however increased by about 2.5% to 183.7 million euro.

Current results are only partly comparable with those of the previous year, as by now the merger with Immoeast AG has been completed. After the merger with its…