Romanian properties bring 14 pct of Immofinanz income in first half of financial year

Newsroom 17/12/2015 | 11:32

In the first half of the 2015/16 financial year, rental income from the Romanian properties of the Immofinanz group reached EUR 22.2 million, accounting for 13.9 percent of the developer’s total rental income. The numbers were stable, with the previous period registering EUR 22.5 million in income, group representatives inform.

Operations amounted to EUR 21.8 million (31.9 percent of total operations), while operatin profit (EBIT) in Romania reached to EUR 34.8 million

The Immofinanz properties in Romania represent 14.6 percent of the company’s total portfolio, including 73 properties (17 standing investments, 11 developments and 45 pipeline projects) with a carrying amount of EUR 907.1 million (EUR 649.2 million standing, EUR 28.3 million developments, EUR 229.6 million pipeline). The expected fair value after completion of the current group’s development projects in Romania amounts to EUR 117.7 million.

At group level, Immofinanz generated net profit of EUR 132.2 million in the first half of the 2015/16 financial year (H1 2014/15: EUR 3.4 million). This increase was supported primarily by positive effects from property valuation. The results of operations totaled EUR 68.3 million (H1 2014/15: EUR 155.3 million) and resulted from a decline in rental income to EUR 160.3 million (H1 2014/15: EUR 213.2 million) that was caused by temporary rent reductions in Moscow and the planned sale of properties. Another contributing factor was the increase in other operating expenses to EUR -53.5 million (H1 2014/15: EUR -27.4 million) as a non-recurring effect for the settlement of legal proceedings by investors.

Natalia Martian

BR Magazine | Latest Issue

Download PDF or read online: December 2022 Issue | Business Review Magazine

The December 2022 issue of Business Review Magazine is now available in digital format, featuring the main cover story titled “Xclusiverse: Going Beyond the Traditional Ways of Doing Business.”
Newsroom | 19/12/2022 | 18:45

    You will receive a download link for the latest issue of Business Review Magazine in PDF format, based on the completion of the form below.

    I agree with the Privacy policy of
    I agree with the storage and handling of my data by
    Advertisement Advertisement
    Close ×

    We use cookies for keeping our website reliable and secure, personalising content and ads, providing social media features and to analyse how our website is used.

    Accept & continue