Bloomberg News

Immofinanz Rises Most in 2 Weeks After FX Gains Lift Profit

December 20, 2011

Dec. 20 (Bloomberg) -- Shares of Immofinanz AG rose after eastern Europe’s biggest property developer said net income in its fiscal second quarter rose almost five fold with the help of beneficial foreign-exchange effects.

Immofinanz shares rose as much as six cents, or 2.9 percent, and traded at 2.27 euros a share at 9:04 a.m. in Vienna. The company’s shares are down 25 percent this year.

Net income attributable to shareholders rose to 233.6 million euros ($303.8 million) as of Oct. 31 from 49.5 million euros a year earlier, the Vienna-based company said today in a report. Rental income rose 2.3 percent to 141.6 million euros.

“The increased rental income is mostly due to the retail segment and the fact that we were able to lease more than 90 percent of our space in Romania,” Chief Executive Officer Eduard Zehetner said in a statement. “The group benefited from highly positive foreign exchange effects,” Immofinanz said.

Immofinanz reiterated that it plans to raise its dividend to 15 cents for fiscal 2012 from 10 cents last year.

To contact the reporter on this story: Jonathan Tirone in Vienna at jtirone@bloomberg.net

To contact the editor responsible for this story: Boris Groendahl at bgroendahl@bloomberg.net


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