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Losses at ECO Business Immobilien
The Austrian real estate company recorded losses of 12m in 2011. The year before, ECO Business still showed profits.
Losses at ECO Business Immobilien / Picture: © Vindobona.org
The Vienna-listed ECO Business Immobilien AG, a subsidiary of conwert, is in the loss zone. Losses totaled € 12m in 2011, after profits of € 9.4m in 2010. Total assets were down from € 711.6m to € 621.7m, which is due to several sales. Furthermore, the company wrote down € 31.1m.
Rental income declined from € 53.7m to € 45.2m, which corresponds to a decline by…
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