High Covid devaluations put pressure on the result, but there were more rental income.
Due to devaluations as a result of the corona crisis, Immofinanz AG, which specializes in office and retail properties, posted a loss in the first nine months – as of 30.9. the minus was less than in the first half of the year. So the bottom line was that in the third quarter alone the bottom line was positive.
Negative reviews
The group loss totaled 98 million euros in the first nine months, after 203 million euros profit in the same period of the previous year, as the Immofinanz announced on Wednesday evening. In the first half of the year, the group result was still negative at EUR 120 million, after a profit of EUR 185 million in the previous year.
The valuation result from existing properties and goodwill was negative in the nine months – mainly due to the Covid 19 pandemic – at EUR 144.8 million; in the same period last year there were 97.4 million euros revaluations. The devaluation corresponds to around 3.2 percent of the book value of the existing properties as of September 30th.
Higher rents
Rental income grew by 5.7 percent year-on-year to EUR 215 (203) million. The operating result fell by 19 percent to 113 (140) million euros, the operating result (EBIT) turned negative to -32 million (237 million) euros, but after nine months it was no longer as negative as it was mid-year.
