Immofinanz posted 37.6 million Euro loss for the first quarter of 2020

Immofinanz started the first quarter of the 2020 financial year with 13.4 percent increase in rental income. The results of asset management increased by 18.1 percent to 59.5 million Euro, and the results of operations were 18.0 percent higher at 43.5 million Euro. However, the revaluation results of -45.0 million Euro from standing investments and goodwill reflect the adverse effects of the Covid-19 pandemic. Net profit for Q1 2020 was therefore negative at -37.6 million Euro.

“We started the year with a strong operational base and were able to benefit from our high-quality portfolio expansion. The Covid-19 crisis slowed this growth beginning in mid-March, but we are working steadily to master these challenges. By now, 79 percent of our retail space has already reopened,” said Ronny Pecik, CEO of Immofinanz.