Immofinanz's net profit reached 105.3 million Euro in the first half of 2017

Immofinanz recorded a significant increase in net profit to 105.3 million Euro in the first half of 2017 (H1 2016: -243.3 million Euro), a press release shows.

2017-08-30 10:50:18

Net profit from continuing operations, i.e. excluding Russia, totalled 113.1 million Euro (H1 2016: -123.9 million Euro). Rental income remained stable at 114.9 million Euro (H1 2016: 115.9 million Euro) despite the continuing sale of non-strategic properties.

After an adjustment for new acquisitions, completions and sales (like-for-like), rental income rose by 4.6 per cent to 92.4 million Euro. The results of asset management increased by ten per cent to 79.1 million Euro, and financial results turned positive at 104.4 million Euro (H1 2016: -58.0 million Euro).

"We improved and strengthened Immofinanz's positioning over the past six months: our occupancy rate rose to a new high of 92.8 per cent and we made substantial progress in increasing cost efficiency," said Oliver Schumy, CEO of IMMOFINANZ, on recent developments. "Our credit profile improved significantly, and we also terminated the last historical legal disputes at the shareholders' level. As announced, we are currently working on the separation of our Moscow retail properties. We are in advanced talks with potential buyers and are optimistic that the transaction will be realised by year-end as planned."

The occupancy rate in the Immofinanz portfolio (excluding Russia) rose by more than three percentage points to 92.8 per cent as of 30 June 2017 (31 December 2016: 89.6 per cent). The occupancy rate in the office properties improved to 90.1 per cent (31 December 2016: 87.3 per cent) and, at 96.2 per cent, the retail properties are essentially fully rented (31 December 2016: 93.0 per cent).