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Gheorghe Ciubotaru, Electroalfa
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Immofinanz posted increase in net profit for the first nine months of 2017

Immofinanz posted a significant increase in net profit from continuing operations for the first three quarters of 2017, to 116.3 million Euro (Q1-3 2016: -217.8 million Euro).

2017-11-29 10:43:45


The results from Asset Management grew 11.3 per cent to 122.6 million Euro; financial results moved strongly into positive territory at 88.6 million Euro (Q1-3 2016: -143.9 million Euro).

"We have made good progress in our operating business in the last three quarters and significantly strengthened our balance sheet. Our real estate portfolio now stands at around 4.2 billion Euro; a further amount of approximately 660 million Euro is attributable to our CA Immo shareholding," said Oliver Schumy, CEO of Immofinanz, about the developments. "In addition, our cash and cash equivalents rose to around 580 million Euro up to the end of November due to disbursements from refinancing. At the same time, we have significantly lowered the interest burden and reduced debt levels. This enables us to target an investment grade rating as the next step."



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