Beni Stabili, the Italian unit of French property group Fonciere des Regions, has reported a 3% increase in operating profit to EUR 45.5 mln in the first quarter of 2009 from EUR 44.2 mln a year earlier. The improvement essentially reflects a reduction in overheads compared with the same period of 2008, the company said on Wednesday.
Beni Stabili, the Italian unit of French property group Fonciere des Regions, has reported a 3% increase in operating profit to EUR 45.5 mln in the first quarter of 2009 from EUR 44.2 mln a year earlier. The improvement essentially reflects a reduction in overheads compared with the same period of 2008, the company said on Wednesday.
Profit before tax more than doubled from EUR 13.1 mln in the first quarter of last year to EUR 30.2 mln in the first three months of 2009. The group's loan to value ratio declined to 48.8% in Q1 from 49.7% at the end of the fourth quarter.
