Increase in Profits at Immofinanz

Businessn.a. ♦ Published: March 26, 2012; 14:46 ♦ (Vindobona)

The Austrian real estate Group continued the positive trend recorded in recent quarters during the third quarter of the 2011/12 financial year. Profits were up by 17.5%.

Increase in Profits at Immofinanz / Picture: ©

Strong growth was recorded, above all in rental income, which rose by 8.5% over the previous quarter to € 153.6m. In contrast, net profit fell more than 90% below the second quarter to € 4.3m. This decline is attributable to negative, non-cash effects from foreign currency translation and the valuation of derivatives. After an adjustment for these non-cash foreign…