Bloomberg News

IVG Advances the Most in 15 Years as Results Beat Estimates

November 13, 2011

(Updates with net asset value in third paragraph.)

Nov. 11 (Bloomberg) -- IVG Immobilien AG climbed the most in 15 years in Frankfurt trading after the German real-estate company’s third-quarter earnings and revenue beat analysts’ estimates.

The shares rose 30 percent to 4.03 euros, the biggest gain since January 1996. IVG reported operating profit of 58.6 million euros ($81 million) today. Analysts expected earnings of 50.9 million euros, the average of four estimates in a Bloomberg survey.

IVG attributed the profit increase to its gas-storage caverns business. The Bonn-based company said net asset value increased to 6.66 euros a share at the end of September from 6.38 euros on Dec. 31.

IVG has dropped 33 percent in six months, while the CDAX Performance Index has lost 18 percent. The company has a market value of 558 million euros.

Revenue for the third quarter was 121 million euros, IVG said. That exceeded the average expectation by analysts of 95.1 million euros.

--Editors: Ross Larsen, Andrew Blackman.

To contact the reporter on this story: Andrew Blackman in Berlin at ablackman@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.


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