Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

UPDATE 1-Immofinanz makes Q1 profit on revaluations

Published 09/29/2009, 02:55 AM
Updated 09/29/2009, 02:57 AM

* Q1 EBIT 118.2 mln euros, vs EBIT loss of 190.7 mln yr-ago

* Mainly due to writing up value of development projects

* Net asset value rises to 5.37 euros/share

(Adds detail, background)

VIENNA, Sept 29 (Reuters) - Austrian developer Immofinanz swung to an operating profit in its fiscal first quarter as it wrote up the value of development projects.

Earnings before interest and taxes (EBIT) in the three months to July came in at 118 million euros ($173 million), after an EBIT loss of 191 million a year ago, Immofinanz said in a statement on Tuesday.

The main swing factor was a 131 million euro write-up of the value of development projects, which more than balanced a further 118 million writedown of existing property.

Immofinanz's emerging Europe arm Immoeast -- whose results are consolidated by Immofinanz -- last week also reported a return to profit in its first quarter and said it would also report a full-year profit. (Reporting by Boris Groendahl; Editing by Dan Lalor) ($1 = 0.6822 euro)

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.