Immofinanz: Net Profit for 2013/14 at EUR 180 Mln, Property Sales Top EUR 1 Bln

Published: August 4, 2014; 19:05 · (Vindobona)

Immofinanz Group announces net profit totalling EUR 180.4 million for 2013/14, for a year-on-year increase of 62.8%. Rental income was lower as a result of the extensive, planned property sales. The delayed completion of the GOODZONE shopping center in Moscow prevented the full recovery of this decline during the past year. Rental income amounted to EUR 506.7 million (-7.2%) and results of operations totalled EUR 319.2 million (-19.5%). In like-for-like comparison (i.e. after an adjustment for new acquisitions, completions and sales), rental income was generally stable (-1.3% to EUR 472.7 million). Property sales set a new record at roughly EUR 1 billion.

Net Profit for 2013/14 at EUR 180 Mln, Property Sales Top EUR 1 Bln / Picture: © Immofinanz

“The past financial year was shaped by the successful BUWOG spin-off. BUWOG has been very well received by the capital market – the discount to the net asset value has declined significantly“, explained Eduard Zehetner, CEO of Immofinanz Group. “In the development area, we completed our GOODZONE shopping center in Moscow. The original plans called for GOODZONE to make a…

This article includes a total of 962 words.

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